Offshore Bank Failure
SECURE YOUR BANK DEPOSIT
Risk Management Strategies for Creditors
The failure of an offshore bank, or financial institution that deals with non-resident depositors and offshore companies, can leave creditors in despair. Legal safeguards are available to protect the public interest and avoid tax payer input to maintain overall confidence in the financial system. Yet, individual customers are not considered public interest and thus enter a stage of uncertainty and unpredictability.
Offshore banks and financial institutions have particular customers with a singular risk profile. Non-residents and international businesses have other needs than local and retail customers. As a result, offshore banking is characterized by healthy capitalization. Capitalization alone is insufficient to estimate risk of failure. Offshore bank failure comprehends regulatory violations and sanctions evasion as well. The downside of these non-financial risks is that hefty fines can drain liquidity and capital cushions of the financial institution and thus place deposits at risk.
To mitigate risk for creditors, deposit protection serves as an initial security for bank customers upon failure of the bank. Maximum coverage starts with an understanding of the domestic deposit guarantee scheme. Contrary to what is alleged, not all deposits qualify for such protection. It is therefore crucial for creditors to act within reasonable time when their offshore bank fails.
Legal Floris LLC represents high net worth individuals, offshore companies and other non-resident creditors duped by offshore bank failure and investment fraud. The combination of pre-liquidation and out of court settlements, joint action with public authorities and insolvency procedures allow for maximum recovery for our clients. Therefore, we invite victims in offshore bank failure and investment fraud to contact us without obligation.
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The Impact of OFAC Sanctions and FinCEN measures on the Global Financial System, its Users and Bank Customers