Caribbean Association of Banks Inc . (CAB). The CAB (formerly Caribbean Association of Indigenous Banks) has been established since 1974 . :
The CAB (formerly Caribbean Association of Indigenous Banks) has been established since 1974.
Managed by a Board of Directors elected by the member organisations. Supported by a Secretariat of 4 staff members.
“To advance the interest of member institutions through advocacy, networking, provision of training and other solutions to strengthen the Caribbean financial services sector”.
Currently, the CAB represents 59 member institutions with an asset base in excess of US$31 Billion, as at December 2010.
Our membership compliment spans three (3) distinct categories, of General, Service and Associate members and includes three (3) Honorary Members - namely the Caribbean Development Bank, CARICOM and the Caribbean Centre for Money and Finance.
Our membership institutions are spread throughout 19 countries,
predominantly in the Caribbean and South America, with some service
members based in Canada and the USA.
Advocacy– We lobby and negotiate on behalf of our members.
COFAP– Observer status on CARICOM’s Council of Finance and Planning(COFAP), thus providing members opportunities to influence policy decisions impacting the industry.
AML– Assist in the strengthening and reinforcement of AML/ATF through the establishment of the Caribbean Anti Money Laundering (AML) Principles in 2009.
Contacts- Access to CAB’s mailing list, for business development, social networking, information sharing etc.
Marketing- Wider branding and high value visibility through advertisement in CAB’s Website and Annual Caribbean Account Magazine.
Concessions- Special discounted and concessionary rates from vendors and training partners for Training, Seminars, Conferences, Advertising and other services.
Exclusivity- Access to the “Member Only” database section of our website which contains a wide cross section of regulatory, compliance, and research information as well as bank specific statistics and other data.
E-newsletter- Up to date information on what’s happening in the industry and in each other’s institutions.
Exposure- Open invitation to submit articles for our publications and E-newsletter and to share best practice.
Secretariat Support - Dedicated Secretariat team providing professional member services and support.
Member Development - Opportunities for professional development.
Regional & International Reach - Represent CAB at local, regional and international meetings and influence policy decisions at the highest levels in CARICOM.
Harmonization of Legislation— We are engaging regional partners on the issue of harmonization of legislation on a number of areas such as; Credit Bureau, Secrecy laws, Prudential Regulation, Common Financial Services Regulation, Accounting Standards, Corporate Governance, Consumer Protection etc.
In 2009, we launched the Caribbean Anti Money Laundering /Counter Terrorist Financing Principles& Associated Guidelines and it is currently being reviewed.
We established a Caribbean Principles website http://www.caribbean-principles.com/default.htmlto facilitate easy access and adoption for our members. The site lists the names of the banks that have adopted the Principles and the standards to which they subscribe.
FATCA- Since the announcement by the United States of the enactment of the Foreign Account Tax Compliance Act (FATCA) into law on March 18, 2010, the CAB has been very concerned about the implications for financial services institutions in the Caribbean and the resultant impact on the economies of the region as a whole.
In early 2012, CAB developed a position
paper to heighten the awareness and
implications of the Act for all relevant arties parties and stakeholders. This paper was also
submitted to CARICOM.
Subsequently, CAB, in collaboration with PWC, made a presentation on FATCA at the 15th Meeting of the Council for Finance and Planning (COFAP), on the 30thJune 2012 , St Lucia . This resulted in the formation of a CARICOM Task Force to formulate a plan of action which would facilitate a regional approach towards compliance. CAB is represented on this Task Force.
Other FATCA activities..... Training and awareness sessions, circulation of updates to members and regional partners.
In 2006, CAB developed and launched the Caribbean Association of Audit Committee Members Inc(CAACM) to improve the investment environment in the Caribbean region and to increase investor confidence in the integrity of financial reporting and investor information through the continuous development of audit committee members.
We continue to provide operational support to the
CAB has participated in the Caribbean Internet Governance and Cyber Security Consultation organised by the Caribbean Telecommunications Union.
Training conducted during the last two years …..
Our annual conference provides an excellent forum for bankers, financial services professionals and partners such as Accountants, Lawyers, Correspondent Bank officials, Regulators etc., to facilitate both business and personal development.
We engage internationally recognised speakers on current topics so that our members can stay abreast of legislative, regulatory and market developments that will influence or impact the future of the industry.
Some of the topics covered at past conferences are:
CAB is actively engaged in collaboration with partners such as: