According to the information from the official internet portal of Loyal Bank Limited (the Bank) that is situated in Saint Vincent and the Grenadines the liquidation process of this Bank has started due to revocation of the banking license.
Previously, the investigation conducted by the US law enforcement agencies has shown that the Bank was involved in violation of anti-money laundering and terrorist financing rules, namely placement of illegally sourced money of clients. The indictment of 20 March 2018 which contains the results of this investigation has been published officially on the website of the US Department of Justice.
These circumstances have led to suspension of all incoming, outgoing and internal money transfers which was announced by the Bank at 28 July 2018 with reference to changes in correspondent bank structure. On 3 August 2018 the Financial Services Authority of Saint Vincent and the Grenadines ordered the Bank to immediately cease any banking transactions, and afterwards, on 8 August 2018, it has revoked the banking license from the Bank.
The Bank has announced the liquidation due to revocation of its license and currently is on the stage of appointing the liquidator responsible for taking over the Bank’s assets. The process of the liquidation, as well as other related news, may be followed on the corresponding page of Bank’s website.