12/06/2015
Beneficial ownership issue left open ended after JMC
The agreement on the thorny issue appears to have been left open-ended l
Regulation, Risk & Compliance
12/03/2015
Jersey funds, capital markets and private wealth strengths highlighted in Asia Roadshows
Senior finance professionals in Asia heard about Jersey’s strength in funds, capital markets and private wealth at a number of events hosted by Jersey Finance in the Far East earlier this month.
12/03/2015
GFSC issues guidance on electronic customer due diligence
The Commission hopes that these changes will give firms the confidence to use new technologies.
12/03/2015
UK faces more pressure to rein in BVI, others
The report urged the UK to use its ‘control’ over the territories
12/03/2015
EFG Bank to pay $29 million in Justice Dept program deal
“Today’s resolution with EFG Bank European Financial Group SA, Geneva and EFG Bank AG reflects the continued progress of the Department of Justice’s Swiss Bank Program,” said acting Deputy Commissioner International David Horton
12/03/2015
IMF rules out Cyprus asset management company
Since the crisis of 2013 various calls have been made to hive off bad loans into an Irish-style AMC.
12/01/2015
Butterfield's 'bank of the year' hat-trick
The Banker, a Financial Times publication, is a highly regarded UK-based periodical that each year selects banks in over 100 countries to receive their Bank of the Year Awards.
12/01/2015
Bermuda Wins Solvency II Equivalence
This is hugely significant for Bermuda and means that Bermuda commercial (re)insurers and insurance groups supervised in Bermuda will not be at all disadvantaged in operating in Europe (or indeed elsewhere on the globe) when Solvency II takes effect on 1
11/30/2015
Barbados Central Bank Should Consider Holding Bitcoin
The paper goes on to note that the Barbadian dollar is pegged to the US dollar, and that as such, a reserve of foreign currencies keeps its money safe from speculative attacks.
11/30/2015
GFSC recognises use of technology in due diligence process
The changes also include guidance for firms on the use of online utility bills to verify the address of Channel Islands residents.
11/30/2015
Cayman Trust Licence enables Hawksford to expand presence and global capabilities
Hawksford is now able to provide a full range of trust services to both private and corporate clients in the Cayman Islands, having secured a Trust Licence from The Cayman Islands Monetary Authority.
11/27/2015
Turks and Caicos boosts micro, small and medium businesses with new legislation
This move by the government is expressed to be in fulfilment of its mandate to continuously improve the economic climate of the country through expansion of services
11/27/2015
Bankers’ Association’s Message To Customers
The BBA is committed to ensuring that the legal and regulatory framework governing financial services in Bermuda operates in an efficient, effective and fair manner.
11/27/2015
Deutsche Bank wins Custody Risk Award
The Bank was named ‘Channel Islands Custodian of the Year’ at the Custody Risk European Awards 2015 ceremony.
11/27/2015
Delegated Act for Bermuda Solvency II Equivalence published
The EU Parliament has three months to provide objections (with a possible extension of a further three months)
11/27/2015
Banks explain extra information requests
Bermuda is not immune to the impact of these changes.
11/27/2015
UK escalates beneficial ownership demands
The U.K. government has called for a centralized register of beneficial ownership information in all its Overseas Territories and Crown Dependencies since 2013.
11/25/2015
Cayman Finance calls for more public cash to protect industry
The programme, aimed at creating a pathway for high-performing Caymanian students into the Cayman Islands financial services industry
11/23/2015
Top EC official: treat Bermuda as equivalent
Mr Guersent, the director-general for financial stability, financial services and capital markets union said that the Commission is in the process of adopting two equivalence decisions, concerning Bermuda and Japan.
11/23/2015
TCI joins international financial standards body
The body seeks to promote the adoption of international regulatory standards in the banking, fiduciary, anti-money laundering and combating the financing of terrorism arenas.