As a hotspot for money laundering activities in the region, the EU’s luxury goods sector is taken into the spotlight amid the expanding AML/KYC regulations in the bloc.   Earlier this year, the EU Council and European Parliament announced a preliminary agreement regarding two proposals that are a part of the EU AML Package proposed by the European Commission. These include the sixth (6th) Anti-Money Laundering Directive (“AMLD6”) and the Regulation on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (“EU Single Rulebook ..read more

Covering a broad range of service offerings — from insurance, wealth management and advisory to hedge funds and digital currencies — the financial services industry has seen different trends and challenges. One of the most recent ones has alarmed market participants, such as investors and managers.    How does the industry adapt to the stormy seas? Here’s a glimpse of the discussion between Bolder Group’s Global Head of Growth, Marketing and Communication Jeroen van Zanten and ISOLAS Partner Jonathan Garcia in our recent instalment of our Expert Series.  For an in-depth loo ..read more

With the Philippines’ services sector leading the way, commercial activity is increasing, resulting in valuable opportunities for market entrants interested in doing business in the country and neighbouring states. The Philippine economy is driven by high consumer demand, a competitive labour market and considerable remittances, making it an ideal country for entrepreneurs to establish a business. Why do business in the Philippines? The Philippines has established itself as a prime location for growth projects in Asia Pacific, largely thanks to:   competitive workforce;  strate ..read more

The EU General Data Protection Regulation (GDPR) came into force on 25 May 2018. In accordance with the GDPR, organisations that conduct identity checks and hold potentially sensitive information about customers must be completely transparent about what happens to the data after use.  While few penalties have been imposed for GDPR violations, many companies are concerned about the consequences of non-compliance and how GDPR will impact their operations, particularly with regard to Know Your Customer (KYC) regulations.  As effective risk management tools, KYC checks and procedure ..read more

Fund managers in the United States have been looking closer at Europe to set up fund structures to increase their AUM and diversify their global portfolios. According to a Preqin report, alternative investment fundraising focusing on Europe exceeded the pre-global financial crisis high point of €132 billion in 2016 and 2017. In 2021, record highs for exits, investment, fundraising and performance across a wide range of asset classes marked the rise of alternative assets in Europe, pushing US managers to consider expanding their portfolios there. Luxembourg, in particular, has become an increas ..read more

For wealthy families, establishing a family office or availing of the services of a family office manager or administrator is a way to sustain their wealth, minimise investment risks, improve and diversify their portfolio and ensure the wealth will be passed on smoothly to the next generation.  Family offices specialise in services that tailor financial plans and investment strategies to align with high-net-worth families’ objectives and goals. These services include tax management, tax advisory, estate planning and more.  One primary value of family offices is that they help their c ..read more

According to BNP Paribas’ 2021 Global Entrepreneur & Family Report, the COVID-19 crisis prompted 32 per cent of 920 elite entrepreneurs and multi-generational families to “pass on more wealth than originally intended to the next generation”. The report also found that 54 per cent of the elite entrepreneurs interviewed are modifying their retirement plans following the crisis.  In addition, the first year of wealth decline since the global financial crisis in 2008 was noted in 2022, which reportedly amounted to a USD 11.3 trillion decline, reflecting a 2.4 per cent drop. However, accor ..read more

Money laundering has been a continuing threat in society and global economies, especially with the advancement of globalisation and digitalisation in the financial landscape. It is an integral component in the accomplishment of other larger-scale and organised crimes across numerous sectors and jurisdictions – the EU’s luxury sector is no exception.   In this multi-part series, we dive into money laundering in the EU luxury market with some insights from our Bolder experts.   Money laundering – an ongoing challenge in the EU According to Europol’s European Financial and Eco ..read more

When a business grows, its costs and requirements for human resources will usually also increase. These added demands also take up attention to the core focus of a business, thus reducing efficiency. However, one strategic option that can help with mounting costs and scaling staff while improving efficiency is business process outsourcing or BPO.  Growing companies can benefit from BPO in several areas, such as cost efficiency, scalability, focus on core activities, flexibility, access to talent and global reach. Due to these benefits, BPO is an appealing option for businesses seeking to ..read more

This memorandum is not intended to be exhaustive but merely highlights some of the more important features involved in winding up a solvent Cayman Islands company pursuant to the Companies Act (Revised) (the “Companies Act”). For the purposes of this article, we will only be addressing exempted companies limited by shares that are solvent. Exempted companies that are limited by duration or by an event occurring of which the memorandum or articles of association provide for such winding up or that are unable to pay its debts as they fall due are beyond the scope of this article. Cayman compa ..read more