Managers of Wealth Offshore

NY regulator fines Nordea $35M over AML failures

The fine will have “no material impact” on Nordea’s financial position, the bank said.

Jersey Finance Welcomes Tokenisation of Real World Asset Guidance as Evidence of Jersey’s Maturity as a Virtual Asset Jurisdiction

Recognising the innovative potential of blockchain technology, the new guidance seeks to promote Jersey’s competitiveness as an international finance centre (IFC) by clarifying the JFSC’s regulatory expectations in relation to this technology.

Cayman Islands abolishes perpetuity rule in legislation

This adjustment does not affect Cayman Islands STAR trusts, which were already exempt.

Economic prosperity must align to Malta’s physical, demographic characteristics

'This situation is squeezing profit margins, forcing many business owners to seek desperate measures to survive' - Kevin J Borg

Proper analysis of bank fee hikes urged before reform

After CIBC Bahamas announced an increase in fees, FNM Leader Michael Pintard released a statement pledging to implement major reforms in the banking sector if the FNM wins the next election.

Consultation response released for draft cyber security law for Jersey

There was a feeling that provision could be made to require Banking and Financial Services Providers to enhance their cyber security resilience

Compliance sweep disrupts Cayman residents’ bank accounts

Butterfield Bank customers were alerted to the requirement, in most cases by email

URCA releases consultation document for 5G

URCA believes that the consultation document represents a significant step towards the introduction of advanced broadband connectivity in The Bahamas

Continuing obligations for BVI private investment funds

This note provides a quick reference to your PIF’s ongoing BVI obligations.

URCA proposes expanding content regulation to digital and social media in revised code

The Code does not comprehensively cover all aspects of digital or online content regulation

Financial services activity, fee increases bolster government’s financial performance

Most financial services and licensing fees, which make up more than one third of government’s annual revenue, are due in the first quarter.

Trademark law changes in the works to reduce fees

Ebanks said it is the government’s intention to have draft amendment legislation produced before the end of this year.

BMA registers four insurers

The BMA noted that the registration/licensing of approved insurance entities is issued after the IALC application process and may be confirmed in future periods.

Entrepreneurs and creatives to benefit from proposed changes to trade marks legislation

This proposal reflects the commitment made by the Deputy Premier and Minister of Financial Services and Commerce, André Ebanks MP

BOV launches new corporate social responsibility foundation

Bank marks another milestone in its 50-year history

Longshore Labs pairs Caymanian students with software development experts in apprenticeship programme

Young Caymanians selected for the programme are each paired with an experienced developer, or report to a developer or test engineer in Chennai.

Amendment proposed to grant Police power to seize accounts without court order in scam cases

According to the amendment, the order must be issued by an officer of Sub-Inspector rank or higher.

Central bank warns of imminent depletion of usable reserves

The government is actively working to implement strong cost-cutting measures in response to the current economic crisis.

BML extends window to apply for its 'Bank Fund' once again

The window extended this time offers associations the chance to submit proposals until 16:00 hrs on September 8.

Higher rates sends ‘stark signal’ to policymakers

“The only way we can really signal that — we can lobby, we can have conversations — but the most stark signal is ultimately through pricing.”

Regulation, Risk & Compliance