LGS Abaci (Verein) ’s Post

🚨 FINTRAC Canada | CANAFE Canada imposes another administrative monetary penalty. The following administrative violations are noted: 🚫 Failure to submit EFTs 🚫 Failure to develop and apply written policies and procedures 🚫 Failure to assess and document the risk of ML/TF 🚫 Failure to institute a CER 🚫 Failure to treat transactions as high-risk under ministerial directives. STRs were not noted as part of the violations. https://lnkd.in/geZZjBye #FINTRAC #MSB #AML #CMSBA #CanadianMSB

🤔 A total of 21 missed EFT reports. A total of 21 missed reports involving a #MinisterialDirective. Chances of those missed reports being connected? 💯 There is also a finding related to #CERs. As we are closing in on the end of this year, be sure you are budgeting and planning (check FINTRAC Canada | CANAFE Canada guidance on reviewing planning) for 2025! 🤓

South Africa's Corporation for Deposit Insurance (#CODI) enhances confidence and stability in our resilient financial sector. #FinancialSafetyNet Here are 7 essential facts about CODI:

😊 We are very excited to announce that the Fondul de garantare a depozitelor în sistemul bancar (FGDSB) of Moldova has become a new EFDI Member. FGDSB was established on July 1, 2004, as a legal entity under public law, based on the Law of the Republic of Moldova no. 575 of December 26, 2003, regarding the guarantee of deposits in the banking system. Currently, FGDSB operates under the Law of the Republic of Moldova no. 160 of June 22, 2023, which partially aligns Moldova's deposit guarantee framework with EU standards. FGDSB serves as Moldova’s statutory bank deposit guarantee scheme and also administers the Bank Resolution Fund since 2020, ensuring financial resources are available to support resolution measures for distressed banks. The executive management of the FGDSB is carried out by the General Director, who oversees the Fund's operations, reports to the Supervisory Board, and represents the Fund in relations with public authorities, entities, and organizations nationally and internationally. In September 2024, the Supervisory Board appointed Dionis Catanoi as General Director. You can find more information about the FGDSB in the attached information sheet. The inclusion of the FGDSB is a step forward in EFDI's mission of strengthening the role of deposit guarantee schemes and promote European cooperation in the field of deposit insurance. With the incorporation of FGSB, EFDI gathers 71 Members Institutions: 56 Deposit Guarantee Schemes (DGS) and 15 Investor Compensation Schemes (ICS) from 50 jurisdictions from Europe at large. Please join us in welcoming FGDSB to EFDI, where we look forward to a very fruitful collaboration 🙂 #EFDI #DGS #DGSMoldova #Depositguaranteeschemes #depositorprotection

Labuan International Business and Financial Centre (Labuan IBFC), an Asian financial hub known for its insurance, reinsurance, Islamic finance, and digital business solutions, achieved significant growth in 2023, with continued expansion expected in 2024 due to its strong regulatory framework and creative strategies, according to Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO. In a recent interview with Reinsurance News, CEO Nuli discussed the performance of the Labuan IBFC in 2023 and so far in 2024, as well as the centre’s views on the captive market, and importantly, its ambitions in the reinsurance industry.... https://lnkd.in/dAc3Yjq6

Discover the hidden perks of offshore banking! 🌍💼 From enhanced privacy to tax benefits, our latest video reveals it all. Visit SCGIBC for a hassle-free incorporation experience! 👉 scgibc.com #offshorebanking #incorporateoffshore #scgibc

Discover the hidden perks of offshore banking! 🌍💼 From enhanced privacy to tax benefits, our latest video reveals it all. Visit SCGIBC for a hassle-free incorporation experience! 👉 scgibc.com #offshorebanking #incorporateoffshore #scgibc

The establishment of the new Corporation for Deposit Insurance in South Africa represents the culmination of extensive research and collaboration with policymakers, regulatory authorities, industry bodies, and member banks. Its primary goals are to protect depositors in the event of a bank failure and to maintain financial stability. However, it remains an open question whether the current features of South Africa’s deposit insurance system are optimally designed for its effectiveness. My recently published article addresses this issue. I invite you to read the article in De Jure Law Journal and engage with me on the topic.

I am currently co-counselling with MFC Law on a case that could have significant ramifications for offshore banks throughout the Caribbean, regardless of the outcome. The case addresses the unjustified freezing of our client's account based on unsubstantiated third-party claims. This case has the potential to establish a significant precedent for offshore banks in the Caribbean, highlighting the importance of adhering to contractual obligations, exercising discretion reasonably, and acting in good faith when managing customer accounts. Collaborating with MFC Law via 5 Pump Court Chambers as an admitted barrister in Saint Lucia has emphasized the power of cross-border collaboration and the value of merging diverse legal expertise to address complex challenges in the offshore banking sector. This case underscores the need for increased transparency, accountability, and enhanced protections for account holders within the industry. The outcome of this case could potentially shape local jurisprudence in the absence of industry/regulator guidance, setting precedent. This collaborative effort showcases the importance of international collaboration and cross-border expertise in delivering costed, functional and practical solutions for clients #offshorebankinglaw #internationalcollaboration #crossborderexpertise #caribbeanlegalinnovation

As a small business owner in South Africa, it's important to be aware of the compliance requirements that apply to your business. If your yearly returns are not paid, penalties will be applied to them. If they still go unpaid after two years, CIPC will initiate the process to deregister your company. When your company is in the process of deregistration, the bank account will be frozen while CIPC gets ready to permanently close your company. Please be aware that CIPC will NOT complete any company annual returns if the Beneficial Ownership has not been submitted. #annualreturns #CIPCannualreturns