On-Site Inspection

Issue:

KRyS Global was appointed by the regulator to investigate the affairs of a licensee in accordance with the local act for the purpose of assessing whether the licensee was carrying on business in a satisfactory manner and in accordance with the relevant legislation.

The regulator was concerned that the licensee may have administered trusts that were involved in fraud or otherwise may be conducting business that is not conducive to the public policy of Bermuda’s financial community.

Resolution:

KRyS Global’s investigation focused on the licensee’s operations with a particular emphasis on corporate governance, management oversight and supervision of the operations in Bermuda.

KRyS Global included a detailed review of a sample of trusts managed by the licensee, including background checks on key parties considered relevant to the trusts and the licensee.

Working with the local regulator and the licensee, KRyS Global was able to furnish a comprehensive report to the regulator of its findings within the deadline imposed.

Value Added:

The licensee successfully adopted the proposed recommendations in the KRyS Global report.