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.…

GTO Miami Real Estate

GTO: Regulators’ crackdown on laundered money invested in U.S. real estate

In 2015, The New York Times published a shocking piece naming several wealthy foreigners who had purchased United States real estate for many multiple millions of dollars. Among others, the article named Vitaly Malkin, a former Russian politician and banker involved in a variety of financial scandals—barred from entering Canada because of suspected connections to…

Expats in Dubai gain advantage with the new DIFC Wills & Probate Registry

By Arti Sangar During the last two decades, a sizeable chunk of the expatriate population has relocated to Dubai for both employment and investment opportunities. Undoubtedly, many have made significant economic gains in terms of purchasing luxury houses and other assets, and in some instances, setting up business empires for their successors’ benefit. However, until…

Stricter Anti-Money Laundering Regime for Caribbean Banking Industry

Latin American Advisor, Financial Services asks: Are Stricter Bank Regulations a Major Hinderance in the Caribbean? Q: Royal Bank of Canada in the Caribbean in recent months has closed wealth-management offices across the Caribbean. The closures come amid growing pressure on the Caribbean banking industry by regulators who are fighting money laundering in the region.…

Federal Law Enforcement in Miami Showdown With Trade-Based Money Launderers

By Robert Targ The business district that surrounds Miami International Airport (MIA) in Miami, Florida is host to hundreds of legitimate businesses in the electronics and cellular phone export trade. But now, following numerous local investigations, they are also part of some 700 Miami-based businesses involved in a U.S. Department of Treasury, Financial Crimes Enforcement…