The lawsuit follows years of international scrutiny on Schiff and Euro Pacific Bank, which he founded in Puerto Rico. #NewsismyBusiness
The island has taken steps to close the doors on illicit banking activity. #NewsismyBusiness
Gov. Pierluisi signs into law legislation to strengthen regulation and oversight of international banking and financial entities on the island. #NewsismyBusiness
Changes aim to modernize the regulatory framework and boost compliance. #NewsismyBusiness
“Banks in Puerto Rico are sufficiently well-capitalized and strategically diversified, so their customers’ deposits are completely safe," said OCIF Commissioner Natalia Zequeira.
First Finance has been summoned to a hearing at OCIF within 10 days.
The agency determined Athena’s failure to comply with licensing requirements under Puerto Rico laws.
The receipt the license in Puerto Rico comes on the heels of the company’s first external funding round.
In addition, the OCIF will conduct a survey online to measure the population's knowledge about investment fraud.
FV Bank, a global digital bank based in Puerto Rico, announced it has received permission from the Puerto Rico Office of the Commissioner of Financial Institutions to provide custody services for digital assets such as Bitcoin and Ethereum. FV Bank will begin offering custody services seamlessly integrated into its digital banking platform in early 2021, […]
The Office of the Commissioner of Financial Institutions (OCIF, in Spanish) released a Circular Letter requiring Puerto Rico’s financial institutions helping customers affected by the recent earthquakes to report on their efforts. In the document, the regulatory body orders mortgage lenders and services specifically to file monthly reports of the steps they are taking to […]
Puerto Rico’s Office of Financial Institutions Commissioner George Joyner said although the deal is pending regulatory approvals, he sees “no major obstacle” for Oriental’s acquisition of Scotiabank de Puerto Rico’s assets to happen. In an interview on the “En Una Hora” program that airs on 11Q 1140 AM, in which News is my Business participates, […]
The Office of the Commissioner of Financial Institutions announced the launch of an educational campaign to promote financial education at all levels. The initiative, which has the slogan “Sal a Flote” as its title, emerges as part of the efforts carried out by the agency known as OCIF for its initials in Spanish during “Financial […]
The San Juan Mercantile Exchange Inc. (SJMX) and the San Juan Mercantile Bank & Trust International Corp. (SJMBT) today announced that SJMBT has received its license to operate from the Puerto Rico Office of the Commission of Financial Institutions. The license authorizes SJMBT to operate as an International Financial Entity (IFE) under OCIF’s banking regulations, […]
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Public comment period on five proposed rules affecting banks, gaming and licensing opened. #NewsismyBusiness