Tag: US Securities and Exchange Commission

De-risking threatens US dollar access for Cayman Banks

De-risking threatens US dollar access for Cayman Banks

| 05/04/2016 | 8 Comments
(CNS Business): De-risking by US banks, which left the overseas money transfer services firms unable to operate in Cayman for some time last year, still threatens to cause a much bigger crisis for the financial services industry, with the practice of closing bank accounts deemed to be too risky focu [...]

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CIMA under fire in Caledonian saga

CIMA under fire in Caledonian saga

| 23/11/2015 | 22 Comments
(CNS Business): The Cayman Islands Monetary Authority (CIMA) is in the firing line for failing to support Caledonian, as the fallout from the bank’s collapse continues. Published court documents showed there was no need for the freezing order on its US assets, which ultimately led to Caledonian’ [...]

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Caledonian’s demise was SEC blunder

Caledonian’s demise was SEC blunder

| 11/11/2015 | 60 Comments
(CNS Business): A federal judge has said that the US Securities and Exchange Commission (SEC) got it very wrong when it issued an order earlier this year that froze more than $88 million in assets belonging to two financial institutions suspected of securities fraud that led to the collapse of Cale [...]

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