Central Bank of Cyprus Prohibited Local Banks to Cooperate with Shell Companies

Central Bank of Cyprus Prohibited Local Banks to Cooperate with Shell Companies

According to the provisions of the Directive on the prevention of legalization of profits derived from crimes, as well as the financing of terrorism, Cyprus banks cannot establish business relations with “shell” companies. Last summer, Cyprus financial regulator expressed its position regarding companies that do not have a physical presence in the country of their […]

Bank Account for a Cryptocurrency Business

Bank Account for a Cryptocurrency Business

In the last few years, cryptocurrencies have become one of the most frequent search requests. They are interesting for many people because of the high volatility. Entrepreneurs are considering cryptocurrencies as a good way to earn some money.   Do Banks Open Accounts for a Cryptocurrency Business?  However, many businessmen figured out that banks usually […]

How to get an English IBAN for a Non-Resident?

How to get an English IBAN for a Non-Resident?

General Information Many entrepreneurs who would like to structure its businesses over an English company (either LTD or LLP) sometimes require an IBAN (International Bank Account Number) in England. Some of them are trying to open accounts in English banks and got refuses. The most common reason is that an English company do not have […]

Non-Resident Banking in 2018. How to protect your assets?

Non-Resident Banking in 2018. How to protect your assets?

Recently, many non-resident companies who worked with Latvian banks, faced a huge problem – their accounts were suspended after the scandal with ABLV Bank. Latvian authorities decided to reduce non-resident funds in Latvian banking system to 5% because these funds considered as potentially illegal. Other countries also faced these problems. For instance, Estonian Versobank has […]

How to return funds from Latvian ABLV Bank?

How to return funds from Latvian ABLV Bank?

On 5 March 2018 Latvian ABLV Bank has announced self-liquidation. The main purpose of the bank is to fulfill all its obligations before clients and creditors.  However, on 6 March ABLV Bank lost its membership in Latvian Association of Commercial Banks.  According to the Law on funds guaranteeing, every client is entitled to receive its […]

What Kind of Threat Do the Automatic Exchange of Information Constitutes to Businesses?

What Kind of Threat Do the Automatic Exchange of Information Constitutes to Businesses?

Many of you probably have already heard about the automatic exchange of information (AOI), and that the first exchange between certain countries will be conducted this year. Should you be afraid of the AOI? Which countries are going to exchange the information automatically? How to protect your business from AOI? This article will give you […]