Risk is in the Eye of the Beholder: The Difficulties Faced by Offshore Regulators

Author: Paul Coleman, CAMS-Audit

This paper considers the position of the regulator in a small offshore country, tasked with fulfilling its obligation to assess levels of compliance with anti-money laundering/counter-terrorist financing (AML/CTF) legislation and international standards. In particular, the paper considers the examination challenges faced by the regulator for those financial institutions licensed in the country but with a number of operating and support functions situated across country borders.

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