Managers of Wealth Offshore

Deadline to register for data handling work

This helps the free flow of data between the islands and the EU, helping its economy, it said.

Electronic service of judicial documents: a game changer in legal processes

More efficient e-communication and notification procedures would expedite the service process

BMA confirms registration of 13 insurers in December

Aon Reinsurance Bermuda Ltd was registered as a broker and Euclid Mortgage Bermuda Ltd was registered as an agent.

Cayman issues 40 new international insurance licenses in 2024

Additionally, three new insurance managers were licensed during 2024.

Data Protection For Cayman Islands Investment Funds

The DP Act is similar to the General Data Protection Regulation (GDPR) of the European Union with which many clients will be familiar.

AXA XL's Bermuda Professional Lines Business Launches New Wage & Hour Policy

Higher minimum wages, increased salary thresholds for exemptions under the U.S. Fair Labor Standards Act and expanded overtime protections, all point to increased risk and exposure to defend costly litigations.

The doctrine of mistake in Guernsey

The doctrine of mistake can often provide a relatively inexpensive and efficient way to rectify a mistaken decision by a settlor

GFSC increases licence fees by 5.3% despite concerns

It said it had received feedback from all sectors of industry, but primarily on the overall fee increase

Revenue Service director role split into two separate jobs

The responsibilities of the director of the Revenue Service are being split into two separate jobs.

CCA condemns Izmirlian’s winding-up petition as “meritless,” vows to protect Bahamian jobs

BML Properties Ltd. has requested the appointment of Simon Townend and Jean K. Green-Thompson of KPMG Bahamas Ltd., along with James Neill of KPMG Ireland

BMA grants Class IIGB licence to Soter Insurance Ltd

Henson Orser, chief executive of Soter Insure, said: “This licensing milestone underscores Soter Insure’s commitment to redefining insurance for the Web3 economy.

CIBC warns customers of text messaging scam

CIBC said it is taking steps to address the issue by reporting the fraudulent sites.

£140k role created at Revenue Service

The current Director of the Revenue Service is staying on, but will be given a new role focused on domestic and international policy development.

New Regulatory Framework for Virtual Asset Custodians and Trading Platforms in the Cayman Islands

The Rule and SoG set out more prescriptive governance and conduct of business requirements for VASP licencees.

Scam warning as local media used to try and gain credibility

The posts mimic the Guernsey Press website but use a photo taken from the Express website, with the Express logo clearly visible.

HMRC issues warning for anyone who's paid tax 'going back 20 years'

3,839 prompted disclosures in 2023/24, yielding £57 million with HMRC now typically following up letters four to six weeks later.

Amendments to Cayman Islands suspicious activity reporting regime now in force

Revisions include changes to the suspicious activity reporting (SAR) process administered by the Cayman Islands Financial Reporting Authority

Update to the Cayman Islands Proceeds of Crime Act – Changes to the suspicious activity reporting provisions

In order not to commit a Core Money Laundering Offence they must also have received consent, known as a defence against money laundering ("DAML"), from the FRA following the making of the SAR.

Bermuda joins UK sanctions against terrorist group

No person or entity required to comply with UK sanctions can deal with any funds or economic resources controlled by Blood and Honour.

BVI Approved Managers and Approved Funds: Upcoming Filing Deadline – 31 January 2025

BVI Approved Managers are required to file an annual return with the BVI Financial Services Commission (the “Commission”) by 31 January 2025

Regulation, Risk & Compliance