New compliance consultancy begins operations

TUESDAY, JUNE 12: Compliance Matters Bermuda Limited (CMB), a new consultancy that specializes in the provision of compliance, operational risk management and anti-money laundering advisory services to financial and professional services clients, today officially began operations.

Led by managing director Tina Jamée Laws, CMB is among the first professional compliance advisory firms to be established in Bermuda.

Comprising the CMB advisory team are L. Lanan Bascome, senior advisor, Anti-Money Laundering Solutions, and Claire Fox, senior advisor, Operational Risk Solutions. Together, the team has more than 40 years’ experience in compliance and risk management.

In addition to compliance with Bermuda's own stringent and ever-evolving regulations, by virtue of business links to the UK, US, East Asia and other regions, many Bermuda-resident companies must also keep abreast of and comply with international regulations.

A recent report from Thomson Reuters indicates that worldwide regulatory activity rose by 16 per cent in 2011, and that, with the pending introduction of new legislation associated with the Dodd-Frank and Foreign Corrupt Practices Act in the US, the UK Bribery Act, as well as new developments in the Middle East and Asia, the pace of regulatory reform is expected to continue in 2012 and beyond.

The report indicates that 57 per cent of regulatory activity originated in the US, whilst the UK and Europe accounted for 22 per cent, and Asian regulators were responsible for 15 per cent of the volume; these are regions to which Bermuda’s international business sector has strong ties.

CMB’s services include:

• compliance advice and support services
• compliance training
• anti-money laundering and anti-terrorism legislation advisory
• Bermuda Monetary Authority (BMA) license applications and BMA Health Checks
• establishing and reviewing policies and procedures
• assistance in setting up an internal Compliance Department
• Know Your Client (KYC) and client remediation projects
• operational risk management services pertaining to Pillar I and Pillar II Basel II framework requirements

Ms. Laws said: “The regulatory environment is a dynamic one, and every year more regulatory controls are introduced.  In fact, there were more than 14,000 changes to regulations governing organizations—both new regulations and revised rules—implemented around the world last year.

“At the rate of 60-plus regulatory updates being introduced daily, it is increasingly challenging for companies—even those with their own, dedicated compliance and risk management departments—to keep on top of all the changes.  But with substantial penalties and business restrictions being levied on non-compliant companies, it is more important than ever for them to keep abreast of the regulations and ensure their controls and procedures remain relevant and appropriate.  That's where CMB comes in.  The company can provide complete turnkey compliance services or tailored advisory services as needed.”