Willemstad, Curacao - September 28, 2015 - Both Noro Bank N.V. and Banco del Orinoco have signed with IBIS Management to guide the implementation of the New Chart of Accounts (NCoA), the Basel II Banking Regulatory guidelines, for the Dutch Caribbean. The newly introduced guidelines will take effect in January 2016.
Complying with the NCoA is a complex operation that goes far beyond a simple mapping and reconciliation process. Implementing the new guidelines requires the revision of processes, procedures and data requirements in order to facilitate the future preparation of more than twice the amount of reports to the regulator. It requires a different level of expertise to understand and apply the new framework.
IBIS Management’s Banking Compliance & Risk experts have vast experience preparing banks for the stringent Basel I, II and III requirements in addition to consulting roles with regional Central Banks.
According to the National Ordinances on the Banking Supervision and Credit Institutions in the Dutch Caribbean, “all reporting institutions must complete all Chart of Accounts and Supporting schedules for each mandatory Period.” Non-compliance or lack of timely completion will initially lead to fines and, in worst-case scenario, to revocation of the Banking License.
By January 1st 2016, the regulatory reporting framework in the Dutch Caribbean Jurisdiction will be altered considerably to meet both Basel II and IFRS9 Standards. The new reporting standards are denominated as the NCoA.
The IBIS management corporate culture reflects the understanding that successful business relationships are built on long-term success, not short-term expedience. While implementing projects, members of the IBIS team that have been assigned to dedicate their time to the client, always keep an eye out with the client’s best interest at heart. When inefficiencies related to a business process are spotted, these are immediately identified along with suggested realistic solutions for long term increase in efficiencies and profitability.
|