Dominica has officially closed its offshore corporations’ sector. All corporations must shut down and no new corporations will be allowed to incorporate. As of June 28, 2021, Dominica eliminated offshore corporations and International Business Companies (IBCs).The specifics of the closure of offshore companies in Dominica are as follows. For the official order, see the Financial…

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…

The dynamic business landscape in Mexico is offering fertile ground for both FinTech and crypto businesses. Driven by a potent mix of regulatory evolution, market potential, and consumer demand, Mexico has emerged as one of Latin America’s hotspots for these disruptive technologies. Here’s a look at the vibrant business climate in Mexico for FinTech and…

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…

Buying a bank can be a lucrative investment, but it is important to be aware of the risks involved. Some of the most common risks associated with buying a bank include: Loan book risks. The loan book is the collection of all of the loans that a bank has made. If the loan book is…

In this post, I’ll explain why I believe Bermuda is the best jurisdiction for an international bank in nowdays and what’s required to build an international bank in Bermuda. This is a relatively new jurisdiction, with only one completed case as of this writing. But, I expect big things from Bermuda and for them to…

The best “pure offshore” offshore bank license jurisdiction in nowdays is St. Lucia. Here’s what you need to know about opening an offshore bank in St. Lucia, including the capital, operations, correspondent accounts, etc.  If you’re thinking about opening a bank in St. Lucia, this is a must-read. I say that St. Lucia is the best…

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’ll look at the requirements to set up an international bank in the Bahamas. This jurisdiction is looking to make a comeback after the FTX mess and needs one or two big time successes as soon as possible in the international banking industry. When I talk about an international banking license, or an…

In this post, I’ll look at setting up a Swiss Crypto Exchange or fintech business using a fintech license or as a Qualified Intermediary. It is also possible to operate as a full bank in this capacity, but this is beyond the scope of this article.  Introduction Operating a cryptocurrency exchange in Switzerland involves dealing…

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…

The bottom line is that it’s legal to sell Bitcoin for cash in Canada so long as you watch out for cash buyers with illegal businesses looking to launder their drug proceeds (for example). We don’t want to get involved with any buyer that could be a target of law enforcement. Introduction:  There is no…

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…