The recently held 13th STEP Miami summit (24-25 October) focused on the twin concepts of tradition and innovation – and there was plenty of forward-thinking at this year’s event, according to attendees Lashan Pratt, Manager, and Stanleaah Toote, Assistant Trust Officer, from Suntera Global’s Bahamas office…
Across a busy two-day schedule, a number of highly topical issues were highlighted in particular at this year’s summit, prompting considerable discussion and debate amongst attendees.
A session exploring the tax landscape in various Latin American countries, for instance, was particularly illuminating, whilst there was also a lively debate on the benefits and disadvantages of establishing offshore structures within a holistic framework, alongside and complementing onshore vehicles.
“The onshore-offshore debate is an interesting ongoing issue. We continue to have conversations with families around this, and how they can preserve the benefits of an offshore structure to achieve their succession planning objectives,” says Lashan.
“In tandem, the event highlighted the importance of structures evolving in step with new tax laws and legislation in a number of Latin American markets, to ensure clients continue to receive the tailored, beneficial solutions they need to meet their needs.”
Meanwhile, other sessions at the summit explored the concept of legacy, and how that informs a family’s understanding of its present and future needs, as well as the application of Artificial Intelligence (AI) within the trust servicing space.
“Speakers raised the pertinent issue of how AI can be harnessed in a compliance context for service providers,” adds Stanleaah. “There’s no doubt that, done in the right way, AI can help strengthen compliance checks - in verifying the authenticity of KYC documents and processing payments, for example.
“It’s a rapidly evolving landscape, though, and the sector needs to acknowledge that it must adapt, at pace, if it is to remain effective in safeguarding against fraud and maintaining service quality. It was a theme that was emphasized repeatedly at this year’s event.”
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Contacts
MANAGER, PRIVATE WEALTH, BAHAMAS
View Bio | Email Lashan | LinkedIn
ASSISTANT TRUST OFFICER, BAHAMAS