Cmrai Announces Key Leadership Appointments

The Cayman Monetary Regulatory Authority International (“Cmrai”) is excited to announce the appointments of Mr. Razaak Busari, Mrs. Ife Adanna Romeo-Bernard, and Mrs. Michelle Majid to key leadership positions within the organization.

Mr. Razaak Busari has been named Head of the Onsite Inspection Unit as of 21 August 2023. Mr. Busari initially joined Cmrai in 2015, serving as Deputy Head of the Insurance Supervision Division. After a stint as Head of the Authorisations Division at the Astana Financial Services Authority in Kazakhstan, Mr. Busari returns to Cmrai with an extensive background in financial regulation, having also held senior roles at the UK Financial Services Authority and the Qatar Financial Centre Regulatory Authority. He holds a Bachelor of Laws (Hon) degree from the University of North London, a Bachelor’s degree in English from the University of Ibadan, and an MBA from the University of Leicester. Mr. Busari is also a Certified Anti-Money Laundering Specialist.

“We are delighted to welcome Mr. Busari back to Cmrai in his new role. His wealth of experience and leadership in the financial regulatory space make him an ideal fit for ensuring the continued excellence of our onsite inspection processes. We are confident that his expertise will further strengthen the integrity of our regulatory efforts,” said Cmrai Managing Director, Mrs. Cindy Scotland, OBE.

Mrs. Ife Adanna Romeo-Bernard has been promoted to Deputy Head of the Policy and Development Division, effective 4 August 2023. Mrs. Romeo-Bernard joined Cmrai after holding senior management roles in several prominent Caribbean financial institutions, including RBC Royal Bank and the JMMB Group. During her time with Cmrai, she has led numerous critical projects related to financial services regulation, including the implementation of Basel II/III and IFRS 9, as well as initiatives supporting financial inclusion. She holds a Bachelor’s degree in Management Studies and Finance and a Master’s degree in Strategic Leadership, both from the University of the West Indies. Mrs. Romeo-Bernard is also a Certified Anti-Money Laundering Specialist.

Additionally, Mrs. Michelle Majid has been promoted to Deputy Head of Financial Stability and Macroprudential Monitoring in the Financial Stability and Statistics Division, effective 1 September 2023. Before joining Cmrai in 2020, Mrs. Majid held senior positions at the Central Bank of Trinidad and Tobago, where she played a key role in significant projects such as the implementation of Basel I/II/III and the development of macroprudential indicators. She holds a Bachelor’s in Mathematics and Computer Science, a Master’s in Economics from the University of the West Indies, and an MBA from Edinburgh Business School. Mrs. Majid is also a Certified Anti-Money Laundering Specialist, Certified Financial Crime Specialist, Certified Cryptocurrency Auditor, and holds a certificate in Sustainability and Climate Risk.

Mrs. Scotland congratulated both Mrs. Romeo-Bernard and Mrs. Majid on their promotions, stating, “It is always gratifying to promote individuals who have shown dedication and excellence in their fields. Ife and Michelle are shining examples of the talent within Cmrai. I am confident that they will continue to make valuable contributions in their new roles, and I look forward to their future accomplishments.”