The name of the association shall be the Barbados Association of Compliance Professionals Inc. (BACP).
Aims and Objectives
The BACP Aims and Objectives are as follows:
- To promote high standards of business conduct within the financial services industry;
- To promote public awareness of international compliance standards impacting on local business;
- To provide a forum for discussion and consultation on pending changes/emerging challenges in the legal and regulatory environment;
- To be a vehicle for training and guidance for members on compliance/risk related matters;
- To provide networking opportunities for members;
- To unite the BACP in the promotion and maintenance of high professional standards of compliance practice;
- To maintain standards for professional member entry to the association;
- To promote the interests of the association;
- To encourage cordial relations between the association and other professional bodies in the country and internationally;
- To keep abreast of international developments affecting the compliance profession;
- To promote the highest standards of professional competence and practice in persons designated as compliance professionals;
- To advance the practice of compliance and related subjects and to promote public education therein; and
- To promote, compile and publish research studies and statistics.
Approval of admission to membership
All admission shall be approved by the Executive Committee in its absolute discretion subject to the terms of the governance document and the decision shall be final.
Eligibility criteria admission of membership
- The applicant is employed in the industry. The industry is defined as any entity falling under the regulatory purview of the Central Bank of Barbados, the Financial Services Commission, the Financial Intelligence Unit and or the regulatory provisions of current Money Laundering and Terrorist Financing Acts;
- Persons holding compliance qualifications, providing services to the compliance industry or otherwise having an interest in compliance may also join the association.
- The applicant has been attested to be a person of reputable character;
- The applicant upon admission, agrees to and is able to comply with the requirements as set out in the governance document.
BACP Membership Process
- Application for membership should be made through the BACP membership application form;
- Applications for membership will be approved by a simple majority of the Executive Committee;
- If approved a certificate of membership will then be issued to the applicant.
Requirements for retention of membership
- The member must have paid any membership fees required and these must not be more than three months overdue in order for the member to be considered current.
Attendance at meetings
- Members are required to make a good faith effort to attend all meetings of the Association to ensure that it remains a vibrant association which is truly representative of the views and aspirations of the membership;
- To vote in person, when in attendance, upon all questions and resolutions raised and which require a vote by the member for resolution;
- To vote by voice confirmation upon all questions and resolutions raised and which require a vote by the member for resolution where such meetings are held by electronic communication devices;
- Attendance may be made via conference calls where provision is made to facilitate this at a particular meeting.
Organizational structure of the Association
The organizational structure of the association shall be made up of the following elements:
- The Executive Committee which comprises:
o The President
o The Vice-President
o Assistant Secretary
o Committee Chairs (Public Relations Committee; Training & Development Committee; and Policy Committee)
o Floor Member
- General Committees
Terms of Office for Executive Members
- Terms of office for Executive members will be for a term of two years and three months. However elections for office will take place every two years. The additional three months in office will allow outgoing members to mentor incoming members and facilitate proper handing over of Executive business;
- Terms of office for all appointees will commence 3 months after the termination of the Annual General Meeting and their election;
- Where appointments are made in the period between AGMs, these will be for the period remaining before the scheduled holding of the next AGM;
- In the event no new office holder has been nominated and voted in at the AGM to replace any member of the existing Executive Committee, the Executive Committee may ratify the continuance of the existing member in the position until the following AGM. The sitting member will be excluded from the voting in such circumstances.
Vacancies on the Executive Committee
- If any office of the Executive Committee becomes vacant, the remaining members of the committee by simple majority may appoint another person to act for the remaining period of the Executive’s term of office;
- Committee chairs and other committee members may be appointed by the Executive Committee by a simple majority of votes.
Meetings of the Executive Committee
- Meetings of the Executive Committee will take place bi-monthly or as deemed appropriate by the Executive Committee;
- A quorum is duly constituted by 5 members of the committee which must include either one of President, Vice President, Secretary or Treasurer;
- It is envisaged that a member may be unable to attend some meetings. Provision is therefore made for the nomination of alternates. The Executive Committee will endeavor to first choose alternates from the pool of persons on the various committees. Should no suitable committee member be available the alternate may be selected from the general membership;
- Alternates may not attend more than one third of the meetings convened in a year following the annual AGM.
Annual General Meeting (AGM)
- The AGM will be held once a year;
- On first call for an AGM a quorum is duly constituted by two thirds of the Executive plus ten members of the eligible membership;
- Should the first call for the AGM fail to produce the stipulated quorum as detailed above a second call for an AGM will be made;
- On the second call for an AGM a quorum is duly constituted by two thirds of the Executive Committee plus the eligible members in attendance;
- Meetings for the general membership will be held quarterly;
- A quorum is duly constituted by one third of the eligible membership.
Amendments to the Governance Document
Amendments may be made in the following ways:
- Material Changes:
o By the Executive Committee if duly authorized in terms of the existing voting protocol for the Executive;
o By petition of the current membership supported by a two thirds majority vote of the current eligible membership.
- Non-material Changes:
o Non-material changes may be made by the Executive if duly authorized in terms of the existing voting protocol for the executive.
Mandatory Review of the Governance Document
A review of the Governance Document is mandated to be undertaken every two (2) years by the Executive Committee with recommended changes to be ratified by the Executive Committee.