04/02/2020
A Banking Industry Update across the Crown Dependencies of Jersey, Guernsey and the Isle of Man
This has meant we have the majority of our dedicated staff working from home with only essential colleagues in our branches and offices.
Regulation, Risk & Compliance
04/02/2020
Banks warned it is ‘unacceptable’ to deny funds to firms in Covid-19 crisis
The Business Secretary signals the Government will be making changes to the coronavirus loan support scheme in coming days.
04/02/2020
Money Laundering, Lawyers, and Escrow: The Case for Voluntary Due Diligence
The real value in the Committee’s investigation flowed, not from the sanctioning of lawyers, but in the identification of unresolved issues.
04/02/2020
Crown Dependencies’ banking associations write open letter on coronavirus concerns
The banking associations added that they were working with each island government to ensure that support for businesses and individuals is available quickly.
04/02/2020
Businesses close doors as Bermuda implements “Shelter in Place” measures
Banks will be open for restricted hours to provide only the most essential services
04/01/2020
Luxembourg regulator suspends Rothschild ex-CEO for ten years
The bank said in its 2017 annual report that it had paid the fine after the CSSF had notified it of a possible fraud involving former Malaysia Prime Minister Najib Razak’s 1MDB investment fund.
04/01/2020
Launch of Strategic Capacity Scheme
The Isle of Man Government will be offering a tiered range of financial support, based on average revenue per room and occupancy rates
04/01/2020
Treasury Minister Provides Update on Measures Being Taken to Protect Manx Economy
Minister Cannan said: ‘Since I spoke a week ago today, events have happened at a rapid speed and we have, to all intents and purposes, closed down large parts of our domestic economy.
04/01/2020
Third reprimand issued by Guernsey's Data Protection Authority
The Channel Islands Financial Ombudsman has been given a formal reprimand by the Office of Data Protection Authority (the Authority). This is the third public reprimand that the Authority has issued to date.
04/01/2020
Working Through the Lockdown
In both social and business environments this is a community event being faced as a community.
04/01/2020
Banks adopt alphabetical service system
The Credit Union hours of operation are Monday-Friday, 9am to 1pm, with 9-10am designated for the elderly and immune-compromised only.
04/01/2020
Bermuda to crack down on unscrupulous employers
The move comes as the government is still being “inundated on a daily basis” with complaints from employees who fear losing their jobs for refusing to come into the office.
04/01/2020
Jersey: Protecting your business and securing your workforce – key decisions to get you through COVID-19
The Co-Funded Payroll Scheme aims to support staff in sectors hardest hit, such as hospitality, tourism and construction, who may be facing lay off without pay for many weeks.
04/01/2020
Cayman Islands Private Funds Law Briefing Note
Both private funds incorporated or established in the Cayman Islands and those seeking commitments from Cayman investors are in scope.
03/31/2020
BVI economic substance – ITA issues updates regarding compliance and reporting following Covid-19 outbreak
The ITA has emphasised that this is a temporary arrangement and urged entities to otherwise comply with full substance requirements
03/31/2020
Director duties in difficult times – practical advice for directors of a BVI company facing financial trouble
A BVI company may be insolvent on a cash flow or balance sheet basis.
03/31/2020
Cayman Finance: Industry is showing resilience
He urged member firms and their employees to comply with the measures announced by the government.
03/31/2020
States-back loan guarantee scheme launched to provide further financial support to Bailiwick businesses
This scheme will play a large part in helping some businesses get the fast support that they need.
03/31/2020
IoD announces support for Guernsey business leaders
The committee hopes to understand the immediate impact of the pandemic on local organisations
03/31/2020
Mutual funds in the Cayman Islands
The Mutual Funds Law contemplates five categories of regulated mutual funds: (1) licensed mutual funds, (2) administered mutual funds, (3) registered mutual funds, (4) limited investor funds and (5) EU connected funds.