FIBA News and Alerts
FIBA News
THE WALL STREET JOURNAL
Bermuda Doubles Down on Crypto Despite Recent Market TurmoilThe island's regulators aim to combine their international business expertise and a trained local workforce to become a digital-assets hub.Bermuda, long known for its offshore insurance and reinsurance...
CBDC: Catalyst For Change In Latin America
As an increasing number of Latin American and Caribbean (LAC) countries are pursuing the development of a central bank digital currency (CBDC), VIXIO takes a look at some of the main drivers behind the trend in the region, and some of the risks and opportunities...
Despite the recent market downturn, the island territory is now aspiring to be among the top crypto hubs as well and has been actively expanding its crypto sector since 2017.
The crypto market's recent downturn sent Bitcoin (BTC) trading below $30,000 and Ether (BTC) below $2,000. However, Bermuda remains unfazed by the volatility in digital currency prices and is moving ahead with its plans to establish itself as a major crypto hub.Aside...
The Royal Gazette
Bermuda headlines cryptocurrency news Bermuda is making headlines in cryptocurrency centred publications, republishing portions of a Wall Street Journal story focusing on the island. Nasdaq.com headlines their markets section with: "Bermuda Seeks to Expand...
Bermuda’s Crypto Hub Plan Remains Unfazed
Bermuda's plans to become a crypto hub remains unaffected by the crypto bearmarket. * Bermuda's Minister of Economy and Labor remains bullish on crypto.The BMA has not disclosed when it will be getting a full crypto operation license.Despite the current bear market,...
CRYPTO MADE FASY
The Bermuda government is moving ahead with its ambitious dream to make Bermuda a crypto hub amidst the market downturn. The Bermuda government remains unaffected by the recent Terra crash in May.Since 2017, this beautiful island territory, popular for its pristine...
Bermuda banks on clear regulatory framework to attract more crypto firms
Amidst the current volatility in the cryptocurrency market, Bermuda is banking on its clarity surrounding digital asset legislation to attract more crypto projects and companies.Bermuda is one of the few countries in the world that has implemented a complete framework...
DAILY BUSINESS REVIEW
Risky Business: The Legal and Financial Implications of the Russia SanctionsThe speed at which sanctions were imposed left many questions unanswered, resulting in a flurry of calls and messages to attorneys who themselves were trying to understand the ramifications....
CRYPTO NEWS BTC
Bermuda confirms crypto hub ambitions despite market downturnThe Bermuda authorities is pushing on with its formidable plans to turn out to be a cryptocurrency hub regardless of the large market downturn in 2022.The small island territory identified for its pristine...
Bermuda confirms crypto hub ambitions despite market downturn
"We are aware of the recent devaluation in the price of cryptocurrencies and remain confident that it does not threaten the island's ability to become a crypto hub," said Bermuda's Minister of Economy and Labor Jason Hayward. The Bermuda government is pushing on with...
EDUCATION & TRAINING
New AMLCA for the Casino Sector Begins in June
By: Sofia Villalobos Miami, Florida – April 26, 2017 – After over ten years of offering the Anti-Money Laundering Certified Associate (AMLCA) certification, FIBA – The Florida International Bankers Association, is providing professionals in the casino services...
FIBA Releases a Newly Updated Online AMLCA Course in Partnership with FIU
Miami, Florida – April 13, 2017 – FIBA, The Florida International Bankers Association – continues its professional development excellence but this time with a fresh, modern look. For many years, FIBA has provided professionals in the financial services sector...
Miami banking leaders share menu of sought-after qualities
A scan of job openings in Miami's banking industry shows that every post — ranging from junior financial analyst for an international client to senior regulatory compliance officer —requires "good communication skills, accuracy and efficiency, cooperative personality...
77 students graduate from 2015 Future Bankers’ Camp
77 students graduate from 2015 Future Bankers’ CampA record 77 students — most of them incoming seniors in Miami-Dade public schools from low- and middle-income families — have graduated from this year’s Future Bankers’ Camp. The innovative four-week camp, which ended...
FIBA unveils banking tele-education to expand international presence
Jun 24, 2015, 2:51pm EDT Updated Jun 24, 2015, 7:00pm EDT Miami-based FIBA took a step into the tech world Wednesday, unveiling its Institute for Financial Education: A Global Center of Excellence. About 50 people attended the unveiling’s event at the FIBA...
FIBA & FIU Partner with Dominican Association to Deliver Country’s First Casino-Centric AML Training
Casino gaming is omnipresent throughout the Caribbean, and the Dominican Republic is no exception. Attracting millions of tourists and generating substantial revenue every year, the island nation is one of the largest gaming jurisdictions in the region and its...
FIBA y FIU se unen con Asociación Dominicana: Ofrecen Primer Entrenamiento AML Aplicado a Casinos
Los juegos de casino están omnipresentes en todo el Caribe; la República Dominicana no es una excepción. Atrayendo a millones de turistas y generando ingresos sustanciales cada año, la nación isleña es una de las jurisdicciones de juego más grandes de la región y su...
La UAF y FIBA suscriben convenio de capacitación contra el Lavado de Activos
Santo Domingo, Abril 22, 2019 – La Unidad de Análisis Financiero (UAF) y la Asociación Internacional de Banqueros de la Florida (FIBA por sus siglas en inglés) suscribieron un acuerdo de colaboración con el objetivo de ofrecer capacitaciones, incluyendo la...
LEGAL & REGULATORY AFFAIRS
FIBA LARA Alert – OFR Virtual Currency
In case you missed it, please see the attached Virtual Currency and Digital Asset Guidance for Financial Institutions issued by the Florida Office of Financial Regulation last Friday. FIBA is proud to have worked with the OFR on this guidance and continues to...
The Fed’s Plan to Shrink its Balance Sheet is a Risky Proposition
The Fed’s Plan to Shrink its Balance Sheet is a Risky Proposition Tuesday, July 11, 2017Posted by: Manuel Lasaga, Ph.D. At its June 2017 FOMC meeting, the Federal Reserve Bank (the Fed), approved a Plan aimed at reducing the size of the Fed, which currently...
FIBA Welcomes the Revised Florida International Banking Legislation
Miami, Florida – June 19, 2017 – The Florida International Bankers Association (“FIBA”), is pleased and proud to inform its members and the public that Governor Rick Scott signed into law the revised Chapter 663 - International Banking Code. The legislation...
U.S. banks should weigh growing laundering risks posed by Venezuela experts
Thomson Reuters AccelusBrett Wolf, Regulatory Intelligence As Venezuela descends into chaos with protesters and security forces violently clashing in the streets of Caracas, antimony laundering compliance officers in Miami and elsewhere in the United States must...
International banks in Miami grow loans, deposits – database
International bank branches in Miami increased loans by $790.8 million, or 12.86 percent, in 2014. That’s a $338 million increase over the loan growth seen in 2013, despite ever-increasing compliance and regulatory requirements. Miami is seen as a hub of international...
FIBA LARA ALERT
FIBA Gets Clarification from FinCEN on MRB Reporting On June 22nd, FIBA received FinCEN’s response to its September 2020 request for guidance on the applicability of FinCEN’s 2014 guidance on BSA expectations surrounding Marijuana-related businesses (“MRB’s”). FIBA’s...
FIBA LARA ALERT
Despite the stalled emergence from the COVID-19 pandemic, courts and regulatory authorities continue to shape and impact the way cross–border financial business is done. Recently, OFAC, the Department of Justice, a New York federal district court, and the Second...
FinCEN Announces Proposed Regulations to Implement Corporate Transparency Act Requirement
Please see the Alert from our member Holland & Knight regarding the Notice of Proposed Rulemaking (NPRM) for the Corporate Transparency Act (CTA) issued by FinCEN on December 7th. LARA will be meeting in January and, after an in-depth analysis, submitting a...
FinCEN Launches Rulemaking Process to Implement Reporting Requirements for Real Estate Sector
Please see the Alert from our member Greenberg Traurig regarding the Advanced Notice of Proposed Rulemaking (ANPRM) for certain persons involved in real estate transactions. LARA will be meeting in January and, after an in-depth analysis, submitting a comment letter...
FIBA Goes to Tallahassee: Members Join High-Level Talks on Virtual Currency Regulation
With the recent explosion of cryptocurrencies and related businesses, regulators throughout the world are finding themselves increasingly under pressure to define the landscape. Stakeholders are now demanding appropriate legal frameworks that will provide protections...
TRADE FINANCE
Tracking Transaction Banking Transitions – Trade Finance
Tracking Transaction Banking Transitions – Chris Principe Since the financial crisis, banks have actively sought to make up lost revenues from mortgages, derivatives and other risky lending. The challenge has been to find new revenue streams which provide the...
Compañías de EEUU ponen a prueba límites del embargo a Cuba
JUNIO 25, 2016 4:55 PM POR NORA GÁMEZ TORRES ngameztorres@elnuevoherald.com Los estadounidenses que viajen a Cuba podrán usar una tarjeta de crédito Mastercard expedida por el banco de la Florida, Stonegate, según anunció la compañía este mes. Pero, ¿qué pasa si el...
International business links via film, banking spotlighted
Miami has long been known as the gateway to Latin America with its strong logistics industry and second most important international banking hub after New York. Now, with our port ready for increased trade opportunities from the expanded Panama Canal and Miami...
Florida bankers debate business opportunities in Cuba
Leaders of two major Florida banking groups have opposing views on the prospects of doing business in Cuba, now that President Obama has decided to restore economic ties with the island nation. Looser rules on money transfers and exports to Cuba represent "a...
EXIM Bank lapse leaves big trade gap
Written by Carla Vianna on July 7, 2015 Log on to the Export-Import Bank of the United States website and users will be greeted with a message typed in 50-size-font capital letters: AUTHORIZATION HAS LAPSED. “Due to a lapse in EXIM Bank’s authority, as of...
Tracking Transaction Banking Transitions – Trade Finance
Since the financial crisis, banks have actively sought to make up lost revenues from mortgages, derivatives and other risky lending. The challenge has been to find new revenue streams which provide the opportunities for...
FIBA ALERTS