GRAND CAYMAN (Thursday, 14 May 2015) Mr. Charles Ilako has been appointed Head of the Banking Supervision Division at the Cayman Islands Monetary Authority (CIMA), effective 14 May 2015. He brings more than 25 years of experience and knowledge of financial services and industry regulation to the position.
Mr. Ilako’s professional experience includes change management, Director Compliance, Accounting Issues, Risk Management and structure and government processes, as well as Basel II and III principles, implementation and strategies.
His most recent post was Executive Director, Policy and Strategy at the Jersey Financial Services Commission. Mr. Ilako has also served as Lead Partner, Regulatory Compliance Practice at FTI Consulting; Senior Advisor to the Executive Committee, BNP Paribas; Accounting Policy Advisor with the Bank of England; Director, Banking Capital Market Assurance and subsequently lead partner of Financial Regulator practice at accounting firm, PricewaterhouseCoopers; and Senior Advisor at the Financial Services Authority in the United Kingdom.
He earned the designation Fellow Chartered Accountant (FCA) from the Institute of Chartered Accountants in England and Wales.
Managing Director, Mrs. Cindy Scotland, says, “We welcome this appointment to a key position within the Authority. Mr. Ilako’s breadth of experience in the financial services industry and as a regulator will serve to enhance our supervisory capacity.”
The new Head will be working along with Deputy Heads, Mrs. Gloria Glidden and Ms. Sharon Braithwaite, in the management of the division, which supervises commercial banks and trusts, the development bank, as well as money services businesses, building societies and cooperative societies in the Cayman Islands.