The new emphasis on compliance with international financial standards spurred on by the initiatives of the OECD, Financial Action Task Force (FATF) and the KPMG review of certain British territories, among others is changing the face of the offshore world.

Local banks have hired significant staffs and Bank of Bermuda just last week lured Ifor Hughes from the Ministry of Finance to oversee the bank's compliance with international law, rules and regulations.

Now, at a council meeting of the Compliance Institute, Kenneth L. Bryant has been appointed as chairman of the newly formed Eastern Seaboard of the Americas (Caribbean) Region. Mr. Bryant will serve as a director of the Institute and sit as the regional representative to the Council.

Mr. Bryant currently serves as a director of KYC Outsourced Services, a division of Internet Financial Services, Ltd., in the Cayman Islands. "I think this shows the world that offshore financial centres in the Caribbean are not only fully compliant with international standards but that we are making great strides to be on the leading edge of professional development as well," Mr. Bryant said.

"The stature of the Compliance Institute is world-renowned and I am delighted to have the council's full confidence and support."

According to Martin Hankey, president of the Institute: "Our existing members, working for their British organisations and many other prospective members, are very concerned, not only about the far reaching tentacles of the UK Financial Services Authority, but also those regulations that apply from the USA and their own local governments."

Mr. Bryant commented: "Many professionals I have spoken with throughout the region, have expressed a need for better networking, regulatory support, and more in-depth training than is currently being offered, especially from a multijurisdictional point of view. It is my intention as chairman, to deliver valuable resources in these rather very critical areas."

An inaugural launch is planned in the coming months for each of the major offshore centres in the region. One of the first goals of the new regional regime is to establish a baseline for the required regulatory compliance knowledge, skills and abilities at the individual professional level. In conjunction with the Professional Education Board, the Institute's own "Foundation Course in Compliance and Risk Management" is to be licenced, locally adapted and offered in the new region as a means of professional certification. "The time has passed where a professional in the compliance field can claim sufficient knowledge and experience by saying that he or she has merely worked on regulatory issues in the past or that he or she has attended a seminar," Mr. Bryant said.

The Compliance Institute is a UK body dedicated solely to the needs of compliance professionals in jurisdictions which are based on UK legislation, regulation and guidance. The Institute is the oldest and largest association of compliance professionals in the world. More information on the Institute can be found at www.compliance-institute.com.

Interested compliance professionals should contact Ken Bryant at (345) 945-8607 or at klbryantifs.com.ky.