The Tribune

The EY Bahamas accounting firm last week hosted its inaugural seminar on strategies for combating financial crime.

The event, which took place at the Grand Hyatt Baha Mar, brought together top executives to discuss the most pressing challenges relating to financial crime compliance, as well as the current state of innovation; emerging solutions; and what the next generation of compliance strategies looks like.

Steve Beattie, EY’s global financial crime operations and advisory leader, offered insights on best practices through his experience in regulatory expectations around the world. Tiffany Norris-Pilcher, EY partner and regional emerging manager platform leader, and LaNishka Farrington-McSweeney, EY partner and regional anti-money laundering solutions leader, moderated the conversation.

“The inaugural event was a huge success because it centered on a topic which is top of mind for c-suite executives,” said Michele Thompson, EY’s Bahamas managing partner and regional assurance leader.

“Complex sanction regimes, cross-border payments and virtual currencies are creating ample opportunities for financial crime to proliferate, and executives are turning to innovation and technology to help curb crime and keep in line with regulations. The Bahamas is fostering innovation and digital transformation in a well-regulated and world-class business environment, and is dedicated to fighting financial crime.”

Executives also had the opportunity to participate in dialogue on successful anti-financial crime innovation strategies, and the challenges financial institutions face in regulating crime.

“When we speak about financial crime compliance, we know that competing demands – including cost pressures while trying to meet the bottom line – are forcing leaders to address compliance challenges in new and innovative ways,” said Mrs Norris-Pilcher.