Country Manuals Private Banking –
We would like to inform you that BRP has updated its COUNTRY MANUALS PRIVATE BANKING for the following jurisdictions:
- ANGUILLA OUT OF BANK’S COUNTRY OF ESTABLISHMENT (Def, RS, BT & RT)
- ANTIGUA AND BARBUDA OUT OF BANK’S COUNTRY OF ESTABLISHMENT (Def, RS, BT & RT)
- DOMINICA OUT OF BANK’S COUNTRY OF ESTABLISHMENT (Def, RS, BT & RT)
- MONTSERRAT OUT OF BANK’S COUNTRY OF ESTABLISHMENT (Def, RS, BT & RT)
- SAINT KITTS AND NEVIS OUT OF BANK’S COUNTRY OF ESTABLISHMENT (Def, RS, BT & RT)
- SAINT LUCIA OUT OF BANK’S COUNTRY OF ESTABLISHMENT (Def, RS, BT & RT)
- SAINT VINCENT AND THE GRENADINES OUT OF BANK’S COUNTRY OF ESTABLISHMENT (Def, RS, BT & RT)
Regulatory Template
Material changes
The Manuals have been reviewed to ensure that their content remains accurate and in accordance with the evolving interpretation of the applicable legal and regulatory framework.
We can confirm that there have not been any relevant legal or regulatory changes in these jurisdictions since the last update.
Without prejudice to the foregoing, the Regulatory Template now clearly indicates in the summary boxes that regulated financial activities can be performed upon a prospect’s/client’s request based on an unofficial tolerated practice.
Implications for business relations with third parties
There have been no substantial changes to the answers when a Bank co-operates with third parties. However, please note that the section on the business relationships with third parties is now more detailed.
Non-material changes
Certain comments have been reworded (without introducing material changes) to reflect the new format of the document.
Regulatory Summary
Certain comments have been reworded (without introducing material changes).
Behaviour Template
The answers in the BT have been aligned to those contained in the RT.
BT Short Comparison
BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the PB Manuals (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 “ANGUILLA”, respectively “ANTIGUA AND BARBUDA”, “DOMINICA”, “MONTSERRAT”, “SAINT KITTS AND NEVIS”, “SAINT LUCIA” and “SAINT VINCENT AND THE GRENADINES” 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.
Best regards,