15 April 2016 – The liquidators of Caledonian Bank in the Cayman Islands requested the Bahamian court for the recognition of their position. They requested the court’s endorsement to represent Caledonian Bank in the Bahamas, as well as to acknowledge the Cayman proceedings as foreign procedures under Section 253 of the Bahamian Companies Winding-up Amendment
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30 June 2018 – The Financial Services Authority (MFSA) in Malta requested the ECB permission to withdraw the license of Pilatus Bank after its chairman was indicted earlier 2018 by the United States for sanctions violations and transactions with Iran. The MFSA concludes that the chairman of the bank currently does not pass the European
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29 June 2018 – Revocation of License for Choice Bank Limited and Appointment of New Liquidator On 29 June 2018, the licence for Choice Bank Limited was revoked pursuant to section 25 and 27 of the International Banking Act, Chapter 267, Revised Edition 2011 of the Substantive Laws of Belize (the Act). This prohibits Choice
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12 July 2018 – The European Central Bank (ECB) decided on the 11th of July 2018 to revoke the license of ABLV Bank, following the request by the Latvian Financial Capital Markets Commission (FCMC) to withdraw the banking license. After the US based Financial Crimes Enforcement Network designated the bank as a Primary Institute of
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10 August 2018 – St. Vincent Based Loyal Bank Limited Loses its Banking License A Notice of Revocation has been issued to Loyal Bank Limited, effective 7th August, 2018 pursuant to section 21 (2) (a) of the International Banks Act. Winding up proceedings have commenced against Loyal Bank Limited and the Financial Services Authority will
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15 November 2019 – The Vienna based Meinl bank saw its banking license revoked by a joint action of the ECB and the Austrian FMA on Friday the 15th of November 2019. The FMA stated that ‘The license of Meinl was revoked due to its history and the violation of due diligence over the past
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30 June 2023 - FBME Bank Liquidation Approved In July 2014, FBME Bank entered into special administration following allegations of wrongdoing. Restrictions were placed on incoming and outgoing payments. This was despite the fact that the resolution authority exceeded its authority by proposing the sale of the bank. Account holders of the branch in Cyprus
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24 August 2023 – The Federal Deposit and Insurance Corporation (FDIC), a cornerstone of U.S. financial stability, is gearing up to introduce transformative rules designed to redefine how significant regional banks brace for potential financial setbacks. The announcement, revealed late Tuesday, is set to be made public on August 29, 2023. For those unfamiliar with
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