A regular round-up of compliance news, such as fines, permissions, new technology solutions to make tracking risks easier, and other developments.

Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority has granted a trust licence to JTC enabling that firm to offer a range of trust administration services in the Cayman Islands.

JTC’s new trust offering will be international in focus and form part of its global private client services division. In regional terms, it will complement its business development offices in Miami and New York and its regulated office in South Dakota, which provides onshore US trusts.

JTC has had a presence in the Cayman Islands since 2013 offering global fund administration services. In 2015 it acquired GAM’s Cayman Islands fund administration business in a move that significantly grew its footprint in the jurisdiction.

At the same time JTC appointed Michael Halsey as managing director in the Cayman Islands. He has more than 20 years of experience in the international financial services industry. Most recently, he was MD of Sackville Bank & Trust Company in the Cayman Islands where he oversaw fiduciary, banking and corporate services to clients in all corners of the world. Prior to that, he was director of trust and investment services at CIBC Wealth Management.

Halsey is an associate of the Chartered Institute of Secretaries and Administrators, a qualified financial planner, and president of the Cayman Islands Bankers’ Association.