Cayman Islands introduced new legislation to protect personal information
The Cayman Islands, like many other small island states whose main income is provided by the financial sector, consider it of utmost importance to maintain its reputation as a reliable…

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Where can I get information about the reliability of the bank
When choosing a servicing bank, potential clients first of all pay attention to the following factors: availability of the whole range of products and services they need and attractiveness of…

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Bank requirements for borrowers
Today, it is not only banks, but also small credit organizations that offer a small amount of cash in loans. Announcements appear on the Internet, on the street, on radio…

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Deposit operations
According to the economic content of the deposit can be divided into groups: - demand deposits; - term deposits; - savings deposits. Deposits can also be classified according to other…

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similar consequences

Know your customer: this is why banks WILL ask you awkward questions

Banks are fined hundreds of millions of dollars for insufficient customer verification. This is exactly what happened with the largest bank in Pakistan, which received a $ 225 million fine and is now forced to close a branch in New York.
In early September, Habib Bank, which is the largest in Pakistan, was sentenced in New York. According to the Department of Financial Services, the bank did not conduct sufficient customer audits that are required by New York law. The bank was fined $ 225 million for not combating money laundering and financing terrorism, for ignorance in an adequate form of reporting, and they demanded to close the branch in the city. Continue reading