Contact: Peregrine Coporate Services (Isle of Man)
As everybody working in the Island’s financial services industry will know only too well, the regulatory burden on firms such as Peregrine Corporate Services (“Peregrine”) is getting heavier every year. The introduction of new legislation and revised rules that have a major impact on how, and with whom, we do business no longer come as a surprise to those of us who have worked through the last fifteen years of KYC, CDD, ATED, FATCA, CRS and numerous other acronyms that will likely send shivers down the spines of many seasoned finance industry professionals.
As a matter of course we monitor, maintain and adjust our procedures virtually on a constant basis to ensure we are prepared as far as possible for changes in policy. The recent introduction of FATCA and CRS continue to provide challenges for our firm. We have adopted new procedures and systems to ensure we comply with this legislation, but we are still to see the full picture as several of the banks and other large financial institutions with which we do business only now appear to be waking up to the enormity of the change facing their business processes.
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