Country Manual Private Banking
Marshall Islands
BRP has updated its Country Manual Private Banking for
Marshall Islands out of Bank’s Country of Establishment (DEF, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
We have reviewed the documents. We can confirm that there have been no relevant regulatory changes since the last publication of this Country Manual.
Non-material changes
Several answers have been re-worded, to provide more clarity and a more detailed explanation. For example, we have added a recommendation to include a specific disclaimer on the Bank’s website.
The condition “no prior illicit solicitation of the client in or into the country” has been added regarding execution only via remote means of communication. We have included the same condition for all forms of remote advice. Furthermore, we have specified that general advice activities undertaken onsite were in grey zone because there are “no formal rules or official position”.
All these additional conditions are not the result of regulatory changes or an evolution in the experts’ approach. These conditions simply ensure that the answers are in line with the existing explanatory paragraphs.
BT Short Comparison
This document allows users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “MARSHALL ISLANDS” in the Target Country Field.
The BT Short Comparison should be read as follows:
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Geneva, February 12th, 2025