Latest news with #ARCS
Yahoo
15-05-2025
- Business
- Yahoo
Dominica's Emerging AML/CFT Leadership at ARCS 2025
ROSEAU, DM / / May 15, 2025 / This year, Dominica hosted the 2025 Annual Regional Compliance Summit (ARCS) at The Dominica State House, focusing on Caribbean AML/CFT approaches. The Director of the Financial Services Unit, Mr. Claudius Lestrade, who oversees the supervisory functions of domestic banks, offshore banks, credit unions, and money service businesses, inaugurated the event, and his opening speech updated us on the renewed compliance efforts in the world of Caribbean Finance. Mr. Claudius Lestrade's speech at the Dominica House follows a reformation of central bank regulations in response to the World Bank's Economic Review of 2023, which cited the growing need for establishing regulatory and technological frameworks for Caribbean nations, as the Financial Unit has a significant 14.5 % contribution to Dominica's GDP. The needs of the Caribbean and the associated technological framework requirements were further exacerbated in the IMF's report of June 2024, which indicated that Dominica's post-pandemic fiscal buffer requirements have led the country to adopt future-proofed regulatory compliance. Objectives at the Annual Regional Compliance Summit and Dominica's Historical Efforts in Shaping the Future of Regulatory Compliance The event highlighted a growing theme in Caribbean business: "Shaping the Future of Compliance in the Region." This included broad discussions about the need to adopt technologies to ensure regional compliance. Mr. Claudius Lestrade, in relation to the summit's objectives, said, "The regional summit represents a call for a growing need for collaboration among Caribbean nations, where we will explore common solutions to complex regulatory challenges, particularly in terms of financial crime and digital frameworks." Dominica and the Caribbean nations are no strangers to evolving regulatory compliance in accordance with global financial regulatory requirements. According to the Journal of Financial Crime (2007), the collective efforts of regulators in the Caribbean and Latin American (LATAM) region have contributed to the evolving battle against financial crime. The FATF noted that, in this case, Dominica had made significant reforms to its regulatory structure since 2009, addressing 21 areas of non-compliance. The Financial Services Unit further obtained authority as a money laundering supervisory body through legal changes, with the CFATF noting that Dominica's supervisory body made "sufficient" changes and progress in policy-related decisions. In 2015, the Caribbean nations faced a de-risking en masse, as several global jurisdictions closed financial relationships. The Society for Worldwide Interbank Financial Telecommunication in their information paper indicated that 21 out of 23 CARICOM nations had experienced the termination of correspondent banking relationships since an analysis of the data concluded that Dominica had a 40% decrease in correspondent banking relationships between 2011 and 2020. The IMF acknowledged that improved regulatory measures in Dominica are essential for preserving banking relationships with the global community because smaller nations have experienced the most significant impact from de-risking. Fast forward to 2023, the Financial Services Unit of Dominica, under the purview of Mr. Claudius Lestrade, completed all AML/KYC and external tax risk assessments, resulting in Dominica being removed from the list of noncooperative jurisdictions globally and thereafter being moved to the grey list. The Financial Services Unit, since then, continues to be a core driver of the economy, primarily through growth in the credit union sector and the global banking business. Notable Attendees of the Summit Aside from Mr. Claudius Lestrade, notable attendees of this year's Annual Regional Compliance Summit included HE President Burton, the First Husband, the Minister for Finance, Economic Development, Climate Resilience and Social Security, the Honorable Dr. Irving McIntyre, the Parliamentary Secretary (Ministry of Environment, Rural Modernization, Kalinago Upliftment and Constituency Empowerment), the Honorable Darren Lloyd, and the Director of the Financial Intelligence Unit of St. Vincent and the Grenadines, LaTeisha Sandy-Marks. Case Study: Asprofin Bank's RegTech Innovation At the "Shaping the Future" showcase, Asprofin Bank from Dominica's offshore banking sector exemplified innovation through its operations. Chartered in 2013, Asprofin Bank adopted electronic methods for Know Your Customer (KYC) processes and implemented real-time monitoring along with Politically Exposed Person (PEP) screening tools from World Compliance (previously known as World Check). The Financial Services Unit (FSU) directly collaborated with this institution, evidencing the feasibility of implementing regulatory technology (RegTech) solutions for private financial institutions to meet international regulatory standards. Conclusion and the Road Ahead The summit concluded that the development of financial risk scoring automation, the implementation of RegTech capabilities across financial institutions, regional harmonization initiatives, and built-in anti-money laundering controls and filters during fintech development constitute aid for all financial businesses to adhere to regional financial laws. The takeaways from the summit are similar to the results noted on IMF Day, which explained that the Economic Development Activity of the Caribbean region will expand beyond Foreign Direct Investment (FDI) and the current upgrade of data reporting systems for fiscal and Anti-Money Laundering (AML) monitoring procedures. At ARCS 2025, the alignment of effective policy, along with regional cooperation and smart technology, positioned Dominica as a leader in Caribbean financial compliance and as a key participant in this summit. Dominica's FSU serves as proof that small nations can establish future financial integrity systems for other jurisdictions to emulate. About The Financial Services Unit of the Commonwealth of Dominica The Financial Services Unit (FSU) is the regulatory body for Dominica's financial sector, including offshore and domestic banking, insurance, credit unions, and other non-bank financial institutions. Operating under the Ministry of Finance, the FSU is led by Director Mr. Claudius Lestrade and is responsible for ensuring compliance with local laws and international standards, particularly in anti-money laundering and counter-terrorism financing. The Unit plays a vital role in safeguarding the integrity, stability, and reputation of Dominica's financial system. Contact:Name: Mr. Claudius LestradePosition: Director of the Financial Services UnitEmail: lestradec@ Website: SOURCE: Dominica View the original press release on ACCESS Newswire
Yahoo
29-04-2025
- Politics
- Yahoo
Third annual Welcome Home Celebration
SAVANNAH, Ga. (WSAV) — Savannah Mayor Van R. Johnson, along with the Advocates for Restorative Communities in Savannah (ARCS) Taskforce will host the third annual Welcome Home Celebration: A Second Chance at Success on April 29. The even will be held in the Savannah Civic Center parking lot on West Oglethorpe Avenue from noon until 4:00 p.m.. The event is designed to give support to those impacted by the justice system as they navigate reentry into society. The celebration offers a variety of resources and opportunities for returning citizens and their families. This year's event will offer a community resource fair with agencies offering support services, an expungement clinic to assist with clearing records and a mobile medical clinic offering free health screenings. There will also be opportunities to find jobs and network with community leaders and advocates. Justice-impacted individuals and their families are encouraged to attend. Register here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hans India
22-04-2025
- Business
- Hans India
Transforming Financial Systems Through ERP Innovations by Deepesh Vinodkumar Semlani
With over 15 years of experience and a portfolio that spans industries like Solar Tech, FinTech, and Healthcare, Deepesh Vinodkumar Semlani has earned his reputation as a leading ERP Architect and Oracle Cloud Fusion Finance expert. A graduate of the National Institute of Technology, Raipur, Deepesh blends technical prowess with strategic vision to deliver transformative financial solutions. 'My passion for financial applications stems from a desire to solve complex business challenges using technology,' Deepesh shares. His background in engineering and deep understanding of finance have enabled him to lead eight Oracle Fusion Financials implementations, among other large-scale ERP initiatives. What sets Deepesh apart is his methodical approach to implementation. 'Every project begins with a thorough Fit-Gap analysis,' he explains. 'By streamlining processes and identifying technical pain points early, we can build scalable architecture from the ground up.' His structured methodology emphasizes breaking projects into manageable parts, defining clear milestones, and maintaining regular stakeholder engagement. One of the most intricate challenges Deepesh frequently tackles is data migration. 'Integrating legacy systems into the Oracle Cloud is never easy,' he admits. 'But with the right interface architecture and tools like FSM, we've reduced migration efforts by up to 50%, all while safeguarding data accuracy.' In one standout project, he successfully managed 23 interfaces across diverse platforms, exemplifying his command of cross-system integrations. Deepesh believes that true success is measured beyond system go-lives. 'We track KPIs like processing time, error rates, and user adoption,' he notes. 'But we also value user satisfaction and the tangible financial impact.' His holistic approach ensures technology solutions deliver real business value. Innovation is central to his philosophy. 'We've implemented Account Reconciliation Cloud Service (ARCS), FCCS, and even AI-driven automation for payments,' he says. These initiatives streamline financial operations and position organizations to thrive in a fast-evolving digital landscape. Team collaboration has also been pivotal in Deepesh's journey. 'Translating technical concepts into business terms is essential,' he emphasizes. 'It ensures that everyone—from IT to finance—is aligned.' His inclusive leadership style and commitment to communication foster a shared sense of ownership and purpose. Looking ahead, Deepesh is optimistic. 'AI, predictive analytics, and cloud-to-cloud integrations will redefine financial systems,' he predicts. 'We're also seeing a rise in ESG metrics and sustainability reporting—finance is no longer just about numbers.' Through each engagement, Deepesh Vinodkumar Semlani brings clarity, strategy, and innovation, helping businesses navigate transformation with confidence. 'At the end of the day,' he says, 'technology is just a tool. It's how we use it to empower people and drive outcomes that truly matters.'
BBC News
13-04-2025
- Business
- BBC News
The Cwmbran bakery helping to tackle pollution with cream cakes
They say your pudding will spoil your tea, but it turns out cream cakes could also save the salmon in your water from a south Wales patisserie is being used to grow bacteria which can replace chemical fertilisers in farming, reducing both water and air Creme Patisserie makes about 50,000 handmade desserts a week from their Cwmbran base for clients ranging from Cheltenham Racecourse to Liverpool FC, and even the royal their waste water is being used by a biotech firm to make pollution-busting bacterial pellets after the two unlikely partners were brought together by Swansea University. La Creme Patisserie's frozen cakes are precision-cut by high pressure water saws which create 250,000 litres annually of high-nutrient "effluent".Until recently, this waste water then had to be processed in water treatment Lux Biotech, based in Baglan, Neath Port Talbot, now use the effluent - rich in carbohydrates, proteins and fats – to make their pollution-busting bacterial pellets which can either be ploughed into soil, or act as a water filtration system. Chris Charles, founder of Lux Biotech, said the company grow three types of bacteria which are suitable for organic farms. These are used to fix nitrogen into the soil, increase crop yields, and reduce ammonia and nitrous oxide emissions into the atmosphere and waterways. "Along the River Wye here in Wales in particular, we have a huge problem with agricultural run-off from poultry farms which promotes the growth of algae, sucking up oxygen from the water and strangling aquatic life," he said. "But it's even better than that, because until now treating the cream cake effluent created six tons of CO2 per year, and used a quarter of a million litres of water. With our partnership we've removed that energy-intensive process, and the water is repurposed." Dr Charles said effluent water is pumped directly into a reactor at La Creme Patisserie's Cwmbran factory, where the spores are added and "cooked" for two nutrients provide the ideal food to grow three varieties of bacteria - glutamicibacter, pseudomonas veronii and sphingobium - which all occur naturally in soil but are more effective at higher the reactor, the bacteria is grafted onto a form of charcoal called biochar, where its porous cavities provide a habitat for pellets are then encased in 3mm beads formed from a species of Biotech and La Creme Patisserie were brought together by Swansea University's Applied Research for Circular Solutions (ARCS) project, which works with businesses across Swansea, Neath Port Talbot, Carmarthenshire and Pembrokeshire to support the introduction of circular economy ventures, reducing waste and costs. Hannah Morris, research and innovation fellow for ARCS, likened her role to a "sort of dating agency for companies"."I think that's one of the nice things isn't it? It's finding those opportunities for industrial symbiosis – you have something to dispose of, we know somebody who could make use of it – it's really great to take the research and bring it to life," she said. "As well as this partnership, we're working on ways to repurpose plastic packaging, bale waste from music festivals on-site to make it easier to transport, and using stone dust from quarries to make a more environmentally-friendly alternative to concrete." Rob Hindle, operations director for La Creme Patisserie, added: "We've been a family-run firm for over 20 years, we're massively proud of our locally-sourced ingredients and the customers who trust in us."Thanks to our partnership with Lux Biotech and ARCS, we can now also be proud of our efforts to be an ethical and sustainable business, reducing our footprint, saving on costs and hopefully giving clients another reason to choose us."According to Dr Charles, this is just the start. "The technology itself isn't that new, but until we found a suitable source of food waste it just wasn't financially viable," he said. "We're still in the pre-revenue stage, but thanks to ARCS we can scale it up and look at other ways of utilising it. The bacteria love cream cakes, but they can adapt to any food stuff, so wherever there's a take-away or a brewery for example, we can grow them."Dr Charles said there was no reason why, "given sufficient capacity", the firm couldn't make enough beads to make them available for home gardeners to buy at DIY stores like B&Q, Homebase or Dobbies "in a few years' time".
