Managers of Wealth Offshore

CIMA fines Bank Cainvest $100,000

The bank is headquartered in the Cayman Islands and, at the outset, offered private banking services for family offices, institutional clients and high-net-worth individuals.

New Central Bank of Ireland Guidance on AML Transaction Monitoring

The Central Bank of Ireland recently issued an anti-money laundering advisory note highlighting how Irish regulated firms can improve their monitoring of customer transactions to detect potentially suspicious activity.

Irish Fund Management Companies: Time to Get Serious About Substance & Oversight

It is this commitment to the sustainable growth of the industry that requires the stakeholders to continually critically review the model to ensure it exceeds international best practice and maintains Ireland’s position as a Gold Standard jurisdicti

Spotlight Report – Emerging themes in our funds markets

Aside from COVID-19, Brexit lingers as a significant force impacting the global funds market, particularly the EU.

Privy Council approves constitutional changes

Under the amended Constitution, the Cayman Islands will become the third British Overseas Territory to have a legislative body known as Parliament.

Association formed for investment managers

The CIWMA intends to liaise with local and international industry associations and build alliances with bodies such as the Personal Finance Society, the Chartered Institute of Security and Investment and the Institute of Directors.

Irish Schemes of Arrangement and Cross-Border Debt Restructuring.

The court approved of the release of debt owed by primary obligors which were not themselves subject to the scheme – provided that there is a "sufficient nexus" between the guarantee liabilities and the primary obligations.

Information Notice has brought clarity to industry's questions over investment into cannabis assets by Guernsey structures

The position taken by the States of Guernsey in relation to cannabis investment follows the approval by the Assembly in June 2019 that businesses can grow and process cannabis in Guernsey for medicinal uses.

Addressing the growing demand to migrate to Guernsey

The Bailiwick of Guernsey’s movement was possibly easier than some, given that the move was not much more than a shift from de facto to de jure requirements on substance.

Bill To Create Bermuda National Digital Bank

The reform of banking laws will increase competition in this sector, introducing new classes of banks to Bermuda to boost the economy, and harmonising the Bermuda base rate charged by local banks while working with these banks to reduce the interest rates

The Covid-19 Balancing Act for Regulated Businesses in Jersey and Guernsey Covid-19 is here to stay, and with it a change in the way that we work.

Whether or not this has fully sunk in, the Channel Islands regulators and international standards setters have certainly grasped it.

EU releases assessment of Cayman’s fund regime

In a September 2019 analysis, the EU found Cayman’s framework for funds was inadequate in three of the four pillars and that there was not enough information to assess the remaining one relating to supervision and enforcement.

Cayman Finance floats option to contentious bills

Some members were also worried that government might not listen to the industry’s concerns, regardless of the consultation.

FCA gives green light to Conduit Holdings

For the first time in a long while we think a well-capitalised new entrant can come into the market and successfully target quality business in scale and at historically attractive rates.

The Cayman Islands Pass Laws To Regulate Crypto Service Providers

The proclaimed standards went into power on October 28, 2020.

Brexit Update: Countdown to the End of the Transition Period

In the midst of COVID-19, it has been tempting to push Brexit to the back of our minds as people and businesses alike struggle to survive this difficult period.

Cayman Islands Update Additional Updates on AEOI and the DITC Portal

The DITC Portal will open in early November for CRS and FATCA purposes with Economic Substance Reporting and CbCR to follow.

BML strengthens its 'Retailers' Loan', reduces minimum qualifying average

BML will not take into account the months from April through June as "many businesses were negatively impacted due to the lockdown period".

Digital asset legislation hailed as “big win”

“It shows that we are embracing the digital assets space, the Blockchain and crypto space and also provides us an avenue to new industries, which we really need. It’s going to be a big win for us.”

New Pension and Fiduciary Rules Coming into Force in Guernsey–What do Guernsey Licensees Need to do Now?

A key intention in the introduction of the Fiduciary Rules is to consolidate and strengthen the existing regulatory framework, to replace existing GFSC Codes of Practice and bring the regime into compliance with the Group of International Finance Centre S

Regulation, Risk & Compliance