The United States (US) banking system is a very crucial part of the financial economy of the country. The banking industry’s performance has implications for financial stability over the globe. During registering a US company with a bank account the most crucial consideration is the tax implications. The US is worldwide known for its leaders…

The USA has been always known for the opportunity and for the attractive point where many people get attracted from all around the globe. The vast size of the country and the huge population base creates a large opportunity base for new businesses to enter the economy. There presents many opportunities in the economy which…

A joint statement by U.S. financial regulatory agencies on Tuesday recognized the importance of the crypto-asset sector and outlined a plan for agency fast-tracking of policy goals. Thirteen years after the creation of the first cryptocurrency, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and the Office of the Comptroller…

This post will consider why card issuers and certain fintech businesses have compliance requirements and how those KYC and AML rules translate to transaction monitoring rules within the core system or compliance system. The focus of this post is on anti-money laundering and related transaction rules. Know Your Customer (KYC) and Anti-Money Laundering (AML) rules are…

Most startups focus on tech, testing, and finding customers in the early days. But, a complete compliance program should be the first thing a fintech, crypto, or credit card issuing business should build because this governs onboarding and nearly all aspects of the business. Also, your compliance program and documents are the keys to maintaining good…

One of the most difficult aspects of life as an expat is banking. This is especially true for Americans who are persona non grata at most banks around the world. Plus, we have trouble opening and maintaining our US accounts if we are not in the country often. Here’s what expats need to know about…

The Puerto Rico Office of the Commissioner of Financial Institutions (OCIFI) is expected to implement new international banking regulations in 2024. The regulations are designed to improve financial transparency and to prevent money laundering.Some of the key provisions of the new regulations include: Enhanced customer due diligence: Banks will be required to conduct more extensive customer…

In a big moment for Puerto Rico’s financial sector, Nave Bank, thas obtained authorization from the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF) to initiate operations.This approval is especially significant as it marks the establishment of the first new domestic bank in…

In this post, I am looking at the risks of buying an international bank in Puerto Rico. I am focused on offshore banks in Puerto Rico because that’s my expertise. But, these risks apply to the purchase of any small bank, especially offshore banks without FDIC. The acquisition of a bank in Puerto Rico can be…

Here’s a guide on how to purchase a state or nationally chartered bank in the United States, especially when involving non-US shareholders or investors. Step 1: Set Up a Bank Holding Company A Bank Holding Company (BHC) is essentially a parent company that owns or controls banks and other subsidiaries. Setting up a BHC is…

In this post, I’ll look at the requirements and suggested path to buy a bank in the United States. The purpose of this article is to give you guidance on the process, costs, timeframe, and license types available when looking to purchase a bank in the United States. Note that most of my articles cover topics…