Category Archives: Articles

Bermuda to Become a Top Tier International Bank License Jurisdiction

Bermuda is poised to become the top international bank license in 2024. The island has a number of advantages that make it an attractive destination for banks, including a stable political and economic environment, a sophisticated financial services industry, and a well-developed regulatory framework. Bermuda is poised to become the top international bank license in

New International Banking Regulations for Puerto Rico in 2024
06/05/2023 - 6:57 AM

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

mexican SOFOM

A Mexican SOFOM, or Sociedad Financiera de Objeto Múltiple, is a type of financial institution that can provide a variety of financial services, including money transmission, cryptocurrency, loans, leases, and factoring. SOFOMs can be either regulated or unregulated, with regulated SOFOMs being subject to more oversight by the Mexican government. Fintech, financial services, and crypto

cancun business
05/20/2023 - 1:55 PM

Cancun, the jewel of Mexico’s Yucatan Peninsula, is not just a paradise for beach lovers, but also a thriving hub for various types of businesses. Thanks to its status as one of the world’s premier tourist destinations, a thriving expat community, and a steadily growing economy, Cancun offers a plethora of opportunities for entrepreneurs. Here

doing business in mexico

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

where to do business in Mexico

In this post, I’ll explain why I believe Tijuana is the best business city in Mexico in which to set up a fintech, financial services, or crypto business. I’ve traveled and done business throughout Mexico for over 20 years and can say without a doubt that Tijuana is the most efficient option for setting up


In this post, I’ll explain why I believe Bermuda is the best jurisdiction for an international bank in 2024 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

Credit Card Issing and Fintech Transaction Rules

In this post, I 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

building a fintech crypto card issuing business

In this post, I will review how to build a compliance program for a new or startup fintech, crypto, or credit card issuing business. 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

Swiss Flag
04/24/2023 - 2:57 PM

As the popularity of cryptocurrencies like Bitcoin continues to grow, so does the demand for methods to exchange them for physical cash. While licensed exchanges are a common and regulated way to conduct these transactions, many people wonder if it is legal to exchange Bitcoin for physical cash in Switzerland without using a licensed exchange.

10/29/2021 - 5:05 PM

The best “pure offshore” offshore bank license jurisdiction in 2022 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

10/28/2021 - 2:57 PM

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

10/27/2021 - 2:51 PM

In this post, I’ll consider how much money you need to set up an offshore bank. This will consider multiple jurisdictions in the Caribbean, which are the traditional offshore banking centers. These are Puerto Rico, St. Vincent, and Dominica.  First, a few comments on why I’ve chosen these jurisdictions. The reason for Puerto Rico is