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GIFCS explores Suptech opportunities

The Group of International Finance Centre Supervisors (GIFCS)* held a Plenary meeting in the Cayman Islands on 5 & 6 November 2019.  The occasion was kindly hosted by the Cayman Islands Monetary Authority.

On the first day there was a full day’s seminar arranged by the Financial Stability Institute addressing two separate topics - Suptech (supervisory technology) and Crisis Management of Non-Systemic Banks.  The former looked at how technology and data (existing as well as new) can be developed to enhance effectiveness of risk-based supervision especially in a capacity-constrained environment.  The latter gave members valuable guidance, based on evolving international practice, on how to develop their own crisis-management preparations, both for indigenous banks and where hosting foreign entities.

Other topics covered in the meeting were:

  • Ongoing implementation of the GIFCS Standard on the Regulation of Trust and Company Service Providers, an update on the two mutual evaluations currently underway, and planning for two more evaluations to be commenced in 2020
  • A review of procedures for holding colleges of supervisors of trust and company service providers, four of which were held in 2019
  • Effectiveness of AML/CFT evaluations undertaken by the FATF/FSRBs, and possible input to the strategic review being undertaken by the FATF
  • A new member application

GIFCS members were pleased to welcome the Central Bank of Seychelles and the Seychelles Financial Services Authority jointly as a member of GIFCS.

The next Plenary of the GIFCS will be held in London on a date to be announced in Spring 2020.

15 November 2019

Notes for editors

The GIFCS is a long-established group of financial services supervisors with a core interest of promoting the adoption of international regulatory standards especially in the banking, fiduciary and AML/CFT arena. 

The GIFCS was established in 1980. Today its expanding membership accounts for a market share of approaching 10% of global international banking assets. The Group, which meets formally twice a year, has become a very pro-active contributor to promoting compliance among its membership with the Basel Core Principles and the FATF Recommendations on AML/CFT. It also contributes to some of work of the FATF and IOSCO. 

The GIFCS has become recognised as a leading authority on the regulation of trust and company service providers, the interface of these intermediaries with AML/CFT standards, and on the principle of identifying beneficial owners behind trust and company structures. It has issued an international Standard for regulation of this sector, which is being implemented by members and against which their compliance is being formally evaluated. 

Please see for further information. 


John R Aspden


Group of International Finance Centre Supervisors



Tel:  +44 (0)7403610895

*Members are Antigua & Barbuda, Aruba, The Bahamas, Barbados, Bermuda, BVI, Cayman Islands, Cook Islands, Curacao & Sint Maarten, Gibraltar, Guernsey, Isle of Man, Jersey, Labuan, Macao SAR, Mauritius, Qatar, Samoa, Seychelles, Turks & Caicos Islands and Vanuatu.  Anguilla, attended as observer.  The Financial Stability Institute, Bank of Italy, Bank of Japan, Federal Reserve Board, Financial Supervisory Authority of Iceland, and Financial Transparency Advisers attended as speakers.