Challenges Faced by Fis Essay

2432 WordsSep 10, 201410 Pages
Topic Challenges faced by financial institutions operating in Trinidad and Jamaica; focusing on compliance and financial ethical factors and discussing the country’s ability to offer a wide range of financial solutions to its investing public. Thesis Both jurisdictions, Jamaica and Trinidad, share commonalities in principle and application as it relates to compliance however they tend to differ in financial and ethical challenges faced. TOPIC | TOPIC TO SENTENCE | Compliance challenges | Compliance challenges faced in Jamaica and Trinidad and Tobago by financial institutions are as a direct result of failure to comply with regulations outlined by regulatory bodies in both jurisdictions. | Financial Ethical challenges | In addition to compliance challenges faced in both jurisdictions, poor management practices and acquisition by financial institutions in Trinidad accounts for the financial ethical challenges experienced while in Jamaica it is weak risk management practices | In response to the increasingly sophisticated money-laundering techniques the Financial Action Task Force has revised its recommendations in 2003, the Basel Committee on Banking Supervision published a paper on customer due diligence in 2001 and the Consolidated Know Your Customer paper in 2004 the issue of compliance and financial ethical surfaced. Additionally with the recent developments within the region confirms their importance and the role they play in the financial sectors in our economies. It recognized the importance of having adequate controls and procedures in place so that they know the customers who they are dealing with and how employee should unethical practices can impact the institution. The compliance definition used by the Basel Committee considers the sanctions, or loss to reputation, that an institution may suffer as a result of failure to comply with
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