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CaymanCayman sees demandfrom the Middle EastBy Claire Coe SmithPrivate wealth managementis becoming less profitableglobally and this has had itseffect in the Caribbean with somebank closures due to the rapidincrease in regulation andassociated costs involved, mostnotably the Foreign Account TaxCompliance Act (Fatca). Thismeasure compels financialinstitutions to report UScustomer assets to the Americanfiscal authorities, and the newCommon Reporting Standardfrom the OECD.However, some banking operationshave braced themselves to dealwith the changes in doing businessin the new world order. DeutscheBank’s chief country officer in theCayman Islands, Janet Hislop,says: “The key challenges for theindustry at the moment areCitywealthmag.com Citywealth magazine, July 2015 • 17