Finance
Swiss bank with CI link strikes US deal to reveal secret accounts
(CNS Business): The US Department of Justice has struck a non-prosecution deal with Schroder Bank AG that will see the Swiss-based bank and its Cayman subsidiary cooperate in any criminal or civil proceedings and pay a $10m penalty to avoid criminal charges relating to secret accounts. The DoJ also said that the Cayman arm and a Swiss […]
UK and Cayman agree on beneficial ownership principle
(CNS Business): The stand-in overseas territories minister has indicated that the UK and the Cayman Islands are in agreement over beneficial ownership, despite indications that the British government is still pushing for a central register. On a short visit to Cayman last week, Grant Shapps said he believed the two governments were in agreement over […]
Companies get two month waiver to abide by new law
(CNS Business): The Companies (Amendment) Law 2015 will commence on Monday 2 November and requires companies to notify the registrar of any changes to their directors and officers within 60 days of the change. It establishes a CI$500 penalty per company for a breach of that obligation, up to a CI$2,500 fine for five or […]
Cayman based compliance course certifies first graduates
(CNS Business): Two senior compliance experts working in the Cayman Islands financial services sector have become the first graduates of a specialist course created by the International Association of Certified Compliance Specialists (IACCS), which is based in Cayman. Marco Capelli and Crystal Hennings have acquired the designation of Certified Compliance Specialist (CCS) after completing the […]
LA passes laws for financial services sector
(CNS Business): Several bills relating to the Cayman Islands’ offshore financial services sector were passed in the Legislative Assembly last week, when parliament members convened for the second meeting of the budget year. Minister of Financial Services Wayne Panton highlighted four bills he said were critical for the financial future and the investment firms of this country.
Cash transfer firms stay open using US currency
(CNS): Three of Cayman’s money transfer businesses have entered into new arrangements that will deal with US currency transactions only, which will enable them to continue providing cash remittance services after a number of local banks pulled out of partnerships with them. Increased concerns over the risks of these kind of financial transactions and pressure […]
Private sector development boom fails to materialize
(CNS Business): Progress on the private sector construction projects government is depending on to boost the local economy is thin on the ground as the PPM administration passes its halfway mark. From Frank Sound to George Town, government has touted a number of proposed developments by private sector investors that it is hoping will create […]
Fraud expert joins KRyS Global
(CNS Business): Cayman-based fraud investigation and asset recovery firm, KRyS Global, which was recently retained by the Cayman Islands Monetary Authority to help conduct forensic audits on the authority, has now hired Kevin Haywood Crouch as Global Head of Forensics and Consulting. Last week CIMA Chair Grant Stein revealed that KRyS Global would review any transactions […]
Gas prices on the rise
(CNS Business): The planning minister has questioned the basis for the increase of fuel prices and suggested that oil companies are “making hay while the sun shines”. Kurt Tibbetts continues to push for some type of public utilities commission to oversee the islands’ two major fuel distributors. Such a body will have the power to check and order […]
Boards put block on CIG’s choices for CIMA directors
(CNS Business): Two people recently appointed by Cabinet to sit on the Cayman Islands Monetary Authority board have been prevented from taking up their seats as a result of objections from the private sector entities where they work, stopping them from accepting the voluntary posts. Of all government’s boards, CIMA, as the regulator of the […]
Cayman to beat regional economic slowdown
(CNS Business): The Cayman Islands is set to weather a regional economic slowdown, local officials have said, that will see the domestic economy grow by more than 2% while states across the region could see less than a half percent growth in their economies. The UN Economic Commission for Latin America and the Caribbean (ECLAC), […]
Money transfer businesses seek new partners
(CNS Business): Almost three weeks after money transfer service Western Union was forced to close all eight locations in the Cayman Islands, company officials told CNS Business they are working diligently to restore all services as soon as possible. The leader in global payment services would not give details as to whether the company had found […]
Greenlight Re has 2nd quarter loss
(CNS Business): Greenlight Capital Re experienced its second straight quarterly loss for 2015 due to faltered investments, company leaders stated. The Cayman Islands based company announced its financial results this week, with a net loss of $39.6 million, compared to a net income of $109.6 million for the same period in 2014. An underwriting loss […]
Cayman prepares for AIFMD passport
(CNS Business): Cayman Islands financial and government leaders said they remain committed to working with the European Securities and Markets Authority as the island, along with other major jurisdiction, face uncertainty over whether they will be granted the EU’s Alternative Investment Fund Managers Directive (AIFMD) passport, allowing the sale of funds in European countries. ESMA […]
Offshore lawyer to head regulatory board
(CNS Business): The former managing partner at Walkers, Grant Stein is the new chair of the Cayman Islands Monetary Authority. Stein replaces George McCarthy, the former chief secretary, at the regulator, which oversees the islands’ offshore sector. Financial Services Minister Wayne Panton confirmed Tuesday that Stein and several other new faces were appointed because existing members […]
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