Anguilla Financial Services Commission Charting The Course Ahead in 2010 By Eleanor M Astaphan,...
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Transcript of Anguilla Financial Services Commission Charting The Course Ahead in 2010 By Eleanor M Astaphan,...
Anguilla Financial Services Commission
Charting The Course Ahead in 2010By
Eleanor M Astaphan, Deputy Director
Overview
• Review of past year (financial, operational, legal)
• Regional Developments• External Developments• Preview of 2010
Year in Review
Financial Performance• Note change in financial year end for 2008
Perfmance Indicators
August 2009Unaudited
December 2008 (16 mo)
August 2007
License Fees 921,048 946,388 757,246
Total Assets 1,593,849 1,295,821 959,131
Surplus 513,132 296,550 319,036
Acc. Surplus 1,551,357 1,038,224 897,414
Year in Review
Operating PerformanceA) Supervisory & Regulatory function• Licensing : process granting authorization to
enter the market• New Fit &Proper Guideline on website :
criteria: character and integrity, competence and experience, financial soundness
• New regulatory approval fees- services previously gratis
Year in Review
Growth in Licensees
Year in Review
Captives CoM MF + Int Trust Co Off. Bnks Dom Ins
2006 71 34 55 17 3 20
2007 124 43 77 18 3 22
2008 180 45 85 19 3 25
2009 200 54 68 16 3 23
Year in Review
Operating PerformanceB) Surveillance/Offsite Monitoring• Continuous process• Purpose – compliance, EWS, understand and
explain significant matters• Type of activity: financial statements, prudential
meetings, data collection• In 2009 introduction of reporting forms ( new
and revised)
Year in Review
• Tested standard reporting forms to assist in data collection for domestic Insurance, MFunds, MSBs, TCSPs, Cus
• In 2009 conducted several prudential meetings with various licensees
• Success of the Commission in off-site surveillance is heavily dependent on timely and accurate reporting of the industry
Year in ReviewOperating PerformanceB(ii) Surveillance/On-site examination• Selective process- leading from off-site or part of cycle
of periodic examinations• Purpose – high degree of familiarization with
operations and performance to ensure satisfactory performance
• Examiners are sworn to confidentiality • Caution note: Role of Commission limited to
evaluation of adherence to reasonable prudential limits of risk in relation to products and services offered
Year in Review
• In 2008/09 32 on-sites were conducted
Year in Review
Operating performanceC) Legislation( passed in 2009)• Proceeds of Crime Act and the AML/CFT
Regulations and Code• Money Services Business Act• Payment System Act• Amendments to the Financial Services Act
Year in Review
• Commission issued Guidelines:• Issues Guide on AML/CFT Procedures Manuals
Year in Review
Operating PerformanceD) External Relationships• Interface with other regulatory
bodies/authorities worldwide• Commission maintains policy of disclosure and
transparency- annual reports, engagement and consultation of private sector, annual meetings
• Use of website for information dissemination
Regional Developments
• Signed MOU with regional regulators• AFSC participation in ROC co-ordinated by
ECCB (Fallout CL Financial/BAICO/CLICO)• Continued interface with regional bodies-
CARTAC, ECCB, CAIR• Continued participation in regional training
and regulatory fora- • In 2009 Anguilla hosted regional meeting of
Heads of SRUs
External Developments
• Fallout of financial crisis in the US – slowed recovery and resulting pressures on tourism industry, financial services
• G20 declarations on offshore financial centres in relation to their efforts to stem leakages of tax revenues to tax havens
• Two external assessments of Anguilla – Foot Review and the CFATF ME Report
Preview 2010/CFATF ME
• Peek at Preliminary ratings assigned:-• 40 FATF Recommendations:10 Compliant, 14 Largely
Compliant, 14 Partially Compliant and 2 Non Compliant• 9 Special Recommendation: 5 Largely Compliant,
3Partially Compliant and 1 Non Compliant• One primary reasons for not achieving full compliance
in some areas was newness of legislation • Some ratings likely to change based on
negotiations/finding of Plenary May 2010
Preview 2010/Work Programme• Work programme will involve response to CFATF
Plenary• Guided by recurring themes in both external
assessments:-• Regulatory resources• Restructuring to accommodate expanded scope
of the Commission (possible implementation of Compliance/Enforcement Unit)
• Greater regulatory co-operation with UK, other OTCs
Preview 2010/Work Programme
• Increased regulatory coverage to include other financial service providers- DNFBPs; MSBs
Preview 2010/Work Programme
New legislation and Guidelines• International Insurance Bill• Domestic Insurance Bill (ECCU)• Co-operative Societies Bill (ECCU)• Amendments to MF Act• Guidelines for Company Managers• Guidance Note on Maintaining Statutory
Reserves &Deposits for licensed insurers
Questions/Feedback
Thank You!