Are Caribbean banks ready for new FINCEN customer due diligence requirements for financial institutions?

Caribbean banks address fears of severed ties with U.S. banks due to fines and higher costs in a new set U.S. compliance regulations issued by the U.S. Department of the Treasury Financial Crimes Enforcement Network. With the release of the Panama Papers, many investors, banks, financial institutions, and foreign countries are concerned that the traditional shell company may…

Are Banks Working Together Enough to Prevent Crimes?

LATIN AMERICAN FINANCIAL SERVICES ADVISOR, a publication of  Inter-American Dialogue, asks: Are Banks Working Together Enough to Prevent Crimes? Q: Financial messaging service provider SWIFT said in January that more than 2,000 financial institutions worldwide had signed up for its centralized Know Your Customer (KYC) registry, through which companies can share information required for KYC compliance.…