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The British Virgin Island Authority declared a warning for CRS and FATCA
...t only for 2017 but also for 2016 about the consequences of being fined. Furthermore, the BVI financial regulator assures to be even more informative for institutions that are subjected to these regulations. Requirements for the CRS reports and more instructions for users of the British Virgin Islands Financial Account Reporting System will be published later.
Path: BlogBahamas issued guidance related to financial crimes prevention
... The aforesaid document also helps in implementing of anti-money laundering measures and countering the financing of terrorism (AML/CFT) standards of the Financial Action Task Force (FATF), the global AML/CFT standard implementation. This contains instructions on implementing a risk-based approach and helping licensees in their efforts to identify and decrease the probability that they will be i...
Path: BlogFATF is planning to release International Crypto Regulation by next summer
... to talk over crypto regulations and other related issues. FATF’s president, Marshall Billingslea, indicated June as the month when the guidelines and enforcement expectations will be published. He said: *“By June, we will issue additional instructions on the standards and how we expect them to be enforced.”* The involved countries will be heavily inspected for how they adopt the re...
Path: BlogCyprus banks overdid it with risk prevention tactics
...actions, they either close their accounts and leave the island of their own accord, or they are forced to do so, even if there are no reasons for this type of actions. Simply put, commercial banks of Cyprus are so dedicated to fulfil Central Bank instructions, that they have proceeded with the closure of both ‘bad’ and ‘good’ companies, so as not to take any risks at all. Consequentl...
Path: BlogBermuda Digital Asset license
...within four months of the end of their financial year. Fulfilment of the minimum criteria: The “controllers” (managing directors, CEOs, shareholder controllers (owning or controlling more than 10%) and persons in accordance with whose instructions or directions the applicant in accustomed to acting (shadow directors)) must be “fit and proper” The business must be conducted in ...
Path: Licensing