Oyster Consulting (Bermuda) Ltd. Hosts Regulatory Compliance Seminar
Oyster Consulting (Bermuda) Ltd. hosted its inaugural Regulatory Compliance Seminar on 26th July 2016. Panelists discussed changes to Bermuda’s Anti-Money Laundering/Anti-Terrorist Financing requirements, Cybersecurity and Conducting Investment Advisory Business in the U.S.
“Over the past year,” said Oyster Consulting (Bermuda) Consultant Henry Komansky, “Bermuda has been updating its legislation to address gaps in the AML/ATF framework and bring Bermuda in line with 2012 FATF 40 recommendations, interpretive notes and updates. It appears that legislative change will continue as the Island prepares for its 2018 AML/ATF country evaluation.
“We regularly advise clients to take control of their AML/ATF regime by following a few key concepts: Know your Business, Know Your Customer, conducting an annual AML/ATF Audit and periodically addressing their AML/ATF & Sanctions Risk in relation to their business.”
Oyster Consulting LLC Managing Director Hank Sanchez discussed the U.S. Regulatory environment, the Securities and Exchange Commission (SEC) Focus for 2016, and what firms can look for in 2017 and beyond. Oyster assists firms by either taking on the role of Chief Compliance Officer, or by assisting the firm’s Chief Compliance Officer with the compliance program.
Cybersecurity continues to be a hot topic around the globe as regulations evolve and firms move to protect themselves in case of a cybersecurity event. Oyster Consulting LLC Founder and CEO Buddy Doyle summed up how Oyster tackles the issue:
“Oyster Consulting is in the business of helping organizations start, run, grow and protect their firm. The rapidly evolving markets, regulatory changes, and enforcement actions, combined with emerging threats from criminals is creating an unprecedented amount of change. Unfortunately, compliance officers often do not have the resources they need to meet today’s regulatory and risk environment.
After the seminar, Buddy Doyle was featured in an article in the Island’s Royal Gazette, emphasizing the need to for increased cybersecurity awareness. To view the article, click here.
Sean Moran, Business Development Manager of Bermuda Business Development Agency said “I found the seminar very informative and timely. With so many changes happening so rapidly in the world of regulation and compliance, it was valuable to hear updates on the current issues facing fund industry professionals, including AML/KYC, cyber-security, and the SEC’s new Investment Advisor rules. The presentations by Henry, Hank and Buddy also served to demonstrate the strength and expertise of Oyster Consulting’s team. It is certainly an asset for Bermuda to have such a high quality group represented here; it reinforces the message that our jurisdiction is developing into a hub for regulatory compliance expertise and talent.
Alison Morrison, Managing Director of Oyster Consulting (Bermuda) Ltd, spoke of Oyster’s Inaugural Compliance Conference’s success:
“I was delighted with the overwhelming interest in attending our first Seminar. I think all three topics were relevant and in light of local regulatory changes, very timely for those in attendance. Oyster is unique in being able to bridge the regulatory gap between Bermuda and the US, and now with our office in Luxembourg, we can also help clients navigate the European regulatory regime.”
To learn more about how Oyster Consulting can assist your firm with its regulatory compliance needs, complete our contact form and one of our Relationship Managers will be happy to help. To learn more about the services Oyster Consulting (Bermuda) provides, visit www.oyster.bm.