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Usage of artificial intelligence for financial institutions in Singapore
**The Monetary Authority of Singapore** (MAS), has lately been working on newest guidelines in relation to the **artificial intelligence** (AI) that is used by financial institutions. AI is still a developing technology and is yet to be regulated around the world. Singaporean government considers that there is a need to develop recommendations and guidelines to prevent misuse of artificial intel...
Path: BlogBusiness advantages of Belize offshore jurisdiction
... Central Bank of Belize, which was established according to the Central Bank act is the main governmental bank in this jurisdiction. Also, main legislation documents in this branch are Offshore Banking act, Money Laundering act and a basic Bank and financial institutions act. When you start doing business in Belize, there are no requirements for the share capital or minimal shares number. Howe...
Path: BlogThe UN warns on North Korean Crypto Conference
...ding cryptocurrency and banking transactions are also covered by sanctions. Moreover, last year the UN panel reported that North Korea is involved in sophisticated cyberattacks and generated about $2 billion by taking funds from crypto exchanges and financial institutions. The international community is concerned that North Korea might use blockchain technology for harmful purposes. In additio...
Path: BlogVanuatu Audit Services
The Republic of Vanuatu is seeking a reputation of financial business hub. Therefore, the government is supporting the development of financial institutions in the country.Description In the Republic of Vanuatu, a company has the obligation to submit quarterly and annual reports to Vanuatu Financial Services Commission (VFSC), as well as audited financial statements by the end of rele...
Path: AccountingNew Zealand Forex License
There is a unique type of license called Financial Service Provider or FSP in New Zealand, which is considered a well-reputed onshore jurisdiction, therefore, it is not blacklisted by any country around the world or any foreign financial institution. Moreover, it is a member state of the OECD and WTO.Timeframe: within 3 months Minimum paid up capital: is set on case-by-case basis ...
Path: LicensingEstablishing an Offshore Business: An Overview
...ible Negative Effects of Offshore Businesses Despite the many benefits that offshore businesses offer, there may be drawbacks as well, such as: Reputational Risks: Incorrect assumptions regarding offshore businesses may draw attention from financial institutions or potential partners. Compliance Requirements: Penalties or legal problems may arise if foreign tax and reporting require...
Path: BlogHow to Get a Crypto License in 2024
...targets entities engaged in trading cryptocurrencies on behalf of clients. This type of license ensures compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. Crypto Banking License A crypto banking license enables a financial institution to offer banking services such as deposits, loans, and payment services in cryptocurrencies. This license is typically harder to...
Path: BlogSeychelles FSA Introduces Updated Beneficial Ownership Guidelines
The Seychelles Financial Services Authority (FSA) has issued new guidelines on beneficial ownership to enhance transparency and compliance in its financial sector. These guidelines are designed to help financial institutions and other entities identify and report the individuals who ultimately own or control a business. This move is part of Seychelles' ongoing efforts to combat money laundering a...
Path: BlogHow RootAnt Makes Brokerage in China Easier
...or international companies. Due to the fact that the market is closed, it is hard to follow all legal requirements and at the same time earn traders’ trust. Trading platform **RootAnt** is now one of the best services that allows international financial institutions localize in China. It is a combination of services for brokers, investors, banks and even a CRM. At the same time, product uses...
Path: BlogBitcoin fortifying its positions: El Salvador, Paraguay and Beyond
...ir economy, on the other side of the globe picture looks different – the government of China took steps to crack down on Bitcoin usage. In May, the Chinese government announced that it would be banning working relationships between traditional financial institutions and cryptocurrency platforms. Then, this month, authorities in several regions of China tightened restrictions on Bitcoin miner...
Path: BlogNew requirements for Lithuania and UK EMIs
...ithuanian and is a part of the EESMA and is one of the leading jurisdictions in transposition and implementation is expected to fully transpose the Directive, which entails enhanced criminal enforcement on directors and shareholders, blacklisting of financial institutions and closure of non-compliant entities. Therefore, companies with EMI licenses in both jurisdictions – Lithuania and UK, wi...
Path: BlogAttempts to Unify Cryptocurrency Regulation and Introduction of the Travel Rule
... been almost a year since the Financial Action Task Force (FATF) released its controversial crypto directives, which merged the cryptocurrency industry into existing banking policy, requiring firms to comply with the same requirements as traditional financial institutions. FATF stated that it would give 12 months to adopt the guidelines. FATF’s guidelines will: - increase transparency reg...
Path: BlogCuba is up to define Crypto Regulation Guidelines
...ank of Cuba has noted that the authorities would oversee and thus control the crypto-related operations in order of avoiding any illicit activity under the Law of Cuba. The paper released by the Banco Central de Cuba as well states the following: “financial institutions and other legal entities can only use virtual assets among themselves and with natural persons, to carry out monetary-commercia...
Path: BlogSouth Korea to tax capital gains on crypto
... that the National Assembly greenlighted legislation that recognizes crypto as digital assets and giving them a legal status. Current regulations require crypto platforms operating in the country to follow AML and KYC rules the same way as the other financial institutions. Meanwhile, other countries are also considering to implement similar taxation regime on crypto earnings. For instance, Ukr...
Path: BlogHong Kong introduced new rules for Virtual Asset Fund Managers
...en choosing a custodian. Besides, fiat currency must also be kept separate. Where a virtual asset fund manager receives the fiat currency on behalf of the client, a segregated bank account must be established at one of the licensed Hong Kong’s financial institutions. The document also emphasizes the importance of sufficient human and technical resources, as well as the experience of the ...
Path: BlogSWIFT facilitates instant cross-border payments
... to improve the handling of cross-border payments and operating efficiency. The standard allows the funds to be transferred quickly and with a decent level of security anywhere across the globe.** Since its launch in 2016, gpi involves more than 200 financial institutions. During the trials and testings, the new service has shown the results that are more than satisfying. The best result was a...
Path: BlogBlockchain technology to be used for cross-border forex transfer in China
...eted, SAFE most probably wants to pilot the project for six months in the three main trading provinces - Jiangsu, Zhejiang and Fujian – and two cities, Shanghai and Chongqing. The project will be useful not only for business, but also help financial institutions better regulate the industry, as transactions would be processed quicker with fewer mistakes and as a result, fewer costs, as w...
Path: BlogUK government has stopped tax data exchange with Russian Federation
...ive Assistance in Tax Matters standards. An automatic exchange system of tax information (Common Reporting Standard, CRS) was created by the Organization for Security and Cooperation (OSCE) in 2014. In compliance with the CRS mechanism, any local financial institution collects and transfers to tax authorities information related to accounts of non-resident companies or accounts of individuals w...
Path: BlogSaint Vincent and the Grenadines requested FATCA and CRS reporting deadline extension
...izations are obliged to report on the assets held by their foreign account owners to their home tax jurisdictions. Like other respective subjects, Saint Vincent & the Grenadines is obligated to exchange and report FATCA and CRS data on behalf of the financial institutions by 30 September 2018. However, the designated reporting platform became operational on 1 October 2018 and, as a result, Saint V...
Path: BlogBahamas issued guidance related to financial crimes prevention
...uploads/public/5b9/7ac/e61/5b97ace61b20f491052337.png)](http://www.offshorelicense.com/licensing/bahamas-payment-services-provider-license){._blank} The second one – **“Guidance Note on Proliferation Financing”** – is proposed at supervised financial institutions and was drafted to raise level of understanding of the risks and vulnerabilities in regards to terrorism and financial crimes s...
Path: BlogSpanish internal collaboration on blockchain project
Recently it was announced that **Spanish National Security Market Commission (CNMV)** and several financial institutions, including BNP Paribas, Commerzbank, Banco Santander, Caixa Bank, during the entire previous year have been collaborating on a **blockchain project called Fast Track Listing (FLT)**, which is based on distributed ledger technology. The main purpose of the collaboration is to...
Path: BlogThe British Virgin Island Authority declared a warning for CRS and FATCA
**The British Virgin Islands (BVI) legislation** obliges financial institutions to follow rules of the US Financial Account Tax Compliance Act (FATCA) and the OECD's Common Reporting Standard (CRS) in regards to sharing all relevant information with the international tax authorities. In February 2018, the British Virgin Islands International Tax Authority issued a reminder for companies who a...
Path: BlogRussia adopting three-tier cryptocurrency regulation
...al economy, Russia nevertheless has chosen the progressive path by adopting crypto legislation instead of prohibiting digital currency. Although even the Central Bank of Russia perceives cryptocurrency as a threat to Russia’s monetary system, many financial institutions and politicians, including Vladimir Putin, supported the adoption of crypto laws. Indeed, the crypto regulation would allow...
Path: BlogAbu Dhabi Sovereign Wealth Fund entering ADGM
...ervices hub in Abu Dhabi**. In the UAE this hub is the leading financial center and it creates and implements major financial trends for the whole region. Moreover, the Managing Director of the Abu Dhabi Investment Authority claimed that many global financial institutions from all over the world have already joined the ADGM. Therefore, this is a very timely and forward-looking decision for develop...
Path: BlogLabuan Investment Banking License
... under the Labuan Companies Act 1990. The application may be accepted from: An investment bank or group engaging in investment banking activities licensed by the regulatory authority in the country of origin A licensed bank or an established financial institution or financial service provider supervised by a competent regulatory authority Any institutions licensed under the Financial Ser...
Path: LicensingMauritius Audit Services
...cription Global Business entities in Mauritius are regulated by the Financial Services Commission of Mauritius (FSC). The main purpose of the FSC is to foster the economic development and to ensure fairness, stability and transparency of financial institutions in the country. Internationally operating business in Mauritius must acquire a Global Business Company (GBC) Licens...
Path: AccountingLabuan Accounting Services
... This network can be also used by the companies in Federal Territory of Labuan. Labuan offers more flexibility of corporate tax and audit, tax incentives, easy management as the company can operate in a currency of their choosing. Labuan financial institutions are allowed to adopt any accepted international accounting standards including issued Financial Reporting Standards (FRS) issue...
Path: AccountingLabuan Money Broking License
...Labuan (with knowledge and experience in money brokering business) obtain domestic money broker license by confirmation of Bank Negera Malaysia (The Central Bank of Malaysia) operate as licensed institution in accordance with Banking financial institutions Act 1989 In order to qualify and maintain the license it is necessary prior to applying for license to have a good t...
Path: LicensingLithuania Payment Institutions License
.... You will not need to pay commissions to the intermediator commercial banks. This makes your PI equal to the banks in EUR payment processing. Currently Lithuanian is the only EU jurisdiction where non-banks have direct access to SEPA. Licensed financial institution maintenance and operational costs are much lower than in other countries in Europe. There is no requirement to hire local person...
Path: LicensingRaiffeisenbank Bank Account Opening
...s client centres throughout Czech Republic. The bank also provides services of specialized mortgage centres, personal, corporate and business advisors. The majority shareholder of Raiffeisenbank with 75 per cent of the shares is Austrian financial institution, Raiffeisen Bank International AG (RBI), which parent company is Raiffeisen Zentralbank Österreich AG (RZB). Additional shareho...
Path: BanksNew Zealand Asset Management License
...lowing key financial activities: Asset Management on behalf of third parties; Provision of credit under a credit contract; Foreign currency exchange; Benefits Well-reputed jurisdiction, which is not blacklisted by any country or financial institution Member state of the Organization for Economic Co-operation and Development (OECD) Member state of the World Trade Organizati...
Path: LicensingRaiffeisenbank Bank Account Opening
...s client centres throughout Czech Republic. The bank also provides services of specialized mortgage centres, personal, corporate and business advisors. The majority shareholder of Raiffeisenbank with 75 per cent of the shares is Austrian financial institution, Raiffeisen Bank International AG (RBI), which parent company is Raiffeisen Zentralbank Österreich AG (RZB). Additional shareho...
Path: BanksBank Account Opening in ING Bank
...ation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance.Account opening: 7-14 working days Overview: ING is a global financial institution with a strong European base, offering banking services. The Bank draws on experience and expertise, commitment to excellent serv...
Path: BanksBank Account Opening in ING Bank
...ation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance.Account opening: 7-14 working days Overview: ING is a global financial institution with a strong European base, offering banking services. The Bank draws on experience and expertise, commitment to excellent serv...
Path: BanksUSA Delaware Limited Liability Company Formation
...test growth sector in recent years has been in the financial sector and in particular incorporation and formation of international companies as a Delaware LLC or Delaware Corporation. Many American & International Companies as wells as banks, financial institutions and world-wide corporation have made Delaware their registered jurisdiction. The enactment of the law to establish a Limited Li...
Path: CompaniesSingapore Private Company Formation
...ed office Required Company name Language: Any Letters: From Roman alphabet Company name must end with such words: Private Limited, Limited or such suffixes Pte. Ltd or Ltd. Names Requiring Consent or a Licence: Bank, financial institution, insurance, fund management, university, Chamber of Commerce and other similar names N.B. Restricted connections for ...
Path: CompaniesMauritius Accounting Services
...cription Global Business entities in Mauritius are regulated by the Financial Services Commission of Mauritius (FSC). The main purpose of the FSC is to foster the economic development and to ensure fairness, stability and transparency of financial institutions in the country. Internationally operating business in Mauritius must acquire a Global Business Company (GBC) Licens...
Path: Accounting