04/23/2021
Protection of Depositors (Amendment) Act, 2020
The Fund was established in 1999 to provide a crucial financial safety net of up to $50,000.00 for Bahamian dollar depositors in the event that a licensed bank fails.
Regulation, Risk & Compliance
04/23/2021
Guernsey funds team assists Chrysalis Investments with £300 million share issue
This latest share issuance is the first under this new Placing Programme.
04/23/2021
£140000 fine against Standard Chartered Guernsey subsidiary
The Commission considered it reasonable, proportionate and necessary to make these decisions having concluded that the Licensee failed to fulfil the minimum criteria for licensing (“MCL”), under Schedule 1 of the Fiduciaries Law, which set out
04/23/2021
Revision of the PIF Rules in response to industry consultation
The introduction of the two new routes for registration (neither of which require a Guernsey licensed manager) will be of particular interest to private capital
04/23/2021
Malta mired in golden visa scandal
Investigation reveals millionaires were given passports despite not meeting the conditions
04/22/2021
ASEAN Blockchain Consortium Formed to Collaborate on Digital Assets and Enterprise Blockchain, Strengthening Cross-Border Relationship
Memorandum of Understanding inked at virtual event organised by Blockchain Association Singapore
04/22/2021
Sure and JT reached secret agreement "with the object of preventing competition", says regulator
Mr Beak added that Sure was unhappy with how the investigation had been handled, saying it had been conducted in a "manifestly unfair" way.
04/22/2021
Mandatory climate risk assessment and disclosure
Those business with energy or land-intensive operations, or those with investments in these sectors, will find that a climate change risk assessment will show how exposed they are to both the physical and economic risks of climate change.
04/22/2021
Commission consults on the proposed re-issue of statutory instruments
It is also proposed that advertising restrictions applied to Personal Fiduciary Licensees will be repealed and such activity brought under the applicable provisions of the Fiduciary Rules.
04/22/2021
New PIF rules further enhance Guernsey’s funds offering
A third path will enable a PIF to be created as a bespoke private wealth structure requiring a family relationship between investors.
04/21/2021
Malta-based trust company fined
The company also neglected to “implement adequate internal control procedures to protect the scheme members from any financial losses” and “failed to ensure that the individual member accounts are adequately liquid at all times”.
04/21/2021
Commission confirms decision to increase Private Investment Fund (PIF) options
All currently registered PIFs continue to be registered under the current “Path 1” regime which remains available to those wishing to raise money from broader categories of investor.
04/21/2021
CIMA extends deadline for first filing of audited accounts and associated FAR form by Private Funds to 30 September 2021
The extension relates only to the FAR forms for Private Funds. For the avoidance of doubt, FAR forms relating to open-ended mutual funds registered under the Mutual Funds Act (Revised) must still be filed within six months of the relevant financial year e
04/21/2021
Risk of Jersey's finance industry being used to fund terrorism classed as medium to low
A key recommendation is for the island to develop a more robust skills base across the public and private sectors to 'identify, investigate and supervise compliance with terrorist financing requirements.'
04/21/2021
Private Investment Fund Rules and Guidance 2021
The changes provide for two new categories of PIF, neither of which require a licensed manager.
04/20/2021
Not business as usual at FIAU
Fight against money laundering 'not a sprint but a marathon'
04/20/2021
Corporate governance of ILS vehicles – A view from the boardroom
Executive Director, Sherman Taylor serves on the board of a number of ILS vehicles registered in Bermuda.
04/20/2021
Govt announces financial legislation to come into effect this summer
“It will require significant staff training, vendor education and awareness, and the establishment of new functions such as a tribunal to handle disputes.”
04/19/2021
ABN Amro to settle money laundering probe for $574 million
The investigation into ABN started a year after fellow Dutch bank ING paid a record fine of 775 million euros to settle a similar case.
04/19/2021
How does Brexit affect the UK’s Anti-Money Laundering laws?
This whitepaper sets out to uncover the impact of Brexit upon the UK’s AML laws and what these changes mean for regulated businesses in the UK.