Managers of Wealth Offshore

Extension of Economic Substance requirements to Guernsey partnerships

New partnerships formed on or after 1 July 2021 will come into scope from their first accounting period.

Prepare for the new UK prudential regime: Book a IFPR Readiness Assessment

he changes include potentially holding increased regulatory capital (at individual and parent level); additional liquid assets, enhanced regulatory reporting and robust governance frameworks on financial resilience.

Home Affairs appoints Committee Lead for Justice Policy

This separation of powers is crucial to ensure the criminal justice system operates without political interference.

Isle of Man issues AML guidance tailored for tax advisors and accountants

The new guidance covers the unique money laundering and financing of terrorism risks faced by the sectors and provides further guidance in respect of approaches to customer due diligence.

SBDC: $68 mil. spent to date funding small businesses

Sixty-eight percent of funding was guaranteed or direct loans, with 21 percent in govt grants, nine percent in micro loans and two percent from equity contributions

Ogier launches ESG Align – a new compliance tool to get fund managers climate ready

ESG Align is designed to elevate managers' understanding of climate-related risk in portfolio management, and provide a useful compliance check against the new SFC requirements.

St Kitts & Nevis set to lift ban on UK visitors

St Kitts is currently on the UK’s amber list as part of the traffic light system, although fully vaccinated travellers no longer have to quarantine on their return to the UK from amber countries.

TISE makes Listing Rule changes to target SPACs

TISE initially introduced rules for listing SPACs in 2015 and has recently revised them to align with developing market trends in both the US and Europe and notably, where there may be an institutional investor base.

Time Waits for no MLRO: GFSC Thematic Review on Reporting Suspicion

The two largest groups in the pool of 29 firms that took part in the thematic review comprised banks and fiduciaries, in line with the risk weightings attributed by the Bailiwick's National Risk Assessment (NRA).

CySEC publishes its directive on crypto-asset service providers

The CASP Directive sets out detailed requirements on entities seeking registration in CySEC’s CASP register

The Office of the Data Protection Authority Approves New EU Standard Contractual Clauses for use by Guernsey Controllers and Processors

The new SCCs effectively combine all four sets of clauses into one document, allowing controllers and processors to "build" the relevant agreement on a modular basis.

JFSC Consults on Widening Civil Financial Penalty Scope and Streamlined Decision-Making Process

The changes are set out in two consultation documents, and are summarised below.

Central Bank raises economic projections, expects record low unemployment

Employment growth is set to decelerate as migration flows remain constrained

$500K Northstar Financial Services (Bermuda) Claim Brought Against Truist Investment Services by Venezuelan Investors

Now that the off-shore entity is in liquidation after filing for bankruptcy, and its owner Greg Lindberg is serving time in prison, the best chances these claimants have of recouping their losses is to pursue damages through FINRA arbitration.

€500,000 FIAU fine for money transfer firm Sendvalu

The FIAU says Sendvalu failed to undertake appropriate enhanced due diligence measures in instances clearly posing a high money laundering risk

TISE makes Listing Rule changes to target SPACs

TISE initially introduced rules for listing SPACs in 2015 and it has recently revised them to align with developing market trends in both the US and Europe and notably, where there may be an institutional investor base.

Protecting Cayman Islands Companies at Risk: Provisional Liquidation

A prima facie case means that the applicant must demonstrate that it is likely that a winding up order will be made.

Bermuda Monetary Authority Fines Allianz Life Bermuda

The Company has consented to the imposition of these civil penalties.

CFTC Steps up Activity in the Cryptocurrency Space

As a result, market participants should anticipate increased CFTC enforcement within the cryptocurrency space and be mindful of—and comply with—all relevant CFTC rules.

In the land where cash is king, new restrictions will bite hard

Are you planning on selling your boat? If it is priced at €10,000 or more you’d better be aware that it is illegal to receive payment in cash

Regulation, Risk & Compliance