Draft:Asprofin Bank Corporation

Asprofin Bank Corporation, also known as Asprofin Bank, is a private bank from the Commonwealth of Dominica with businesses across Asia, the United States, the United Kingdom and the European Union. Founded in 2012, the institution offers a vast range of financial services including, consumer, business and institutional banking, funds management, investment advisory and broking services. Since it has a highly distributed global footprint, the bank operates hubs in the United States, the European Union, the United Kingdom and Asia.

History

Founded in 23 August 2012 in Dominica as a C-Corporation, Asprofin Bank is one of the few private offshore banks with a legacy license number from the Company and Intellectual Property Office. The bank is supervised by the Financial Services Unit of the Commonwealth of Dominica under section 5 of the Offshore Banking Act No. 8 of 1996 to conduct global offshore banking business. The Financial Services Unit is a body of the Ministry of Finance of the Commonwealth of Dominica that came into inception in 2008 that handles the supervision of the non-Commercial bank financial sector; to include Offshore Banking, Money Services Businesses, Insurances, Credit Unions etc. The Ministry of Finance licensed Asprofin Bank Corporation in 2013 to conduct global offshore banking business.

De-Risking of Global Banking for Dominica Entities

Dominica amongst other Caribbean countries was placed on a blacklist by the European Union member nations as a non-cooperative tax jurisdiction. The list was presented and gazetted in early 2017.Thereafter the Center for Strategic and International Studies (2019) reported the closure of several correspondent banking relationships for the Caribbean domiciled banks that had accounts with United States Federal Reserve approved and European Central Bank approved banks. Asprofin Bank was unable to expand their correspondent bank network due to the taxation blacklist that expanded to the United States of America Internal Revenue Service.

Removal of Dominica from Tax Blacklist

On 5 October 2021, The Guardian reported the removal of Dominica from the EU tax blacklist pursuant to a meeting of EU Finance Ministers in Luxembourg. The move included a 23 minister led agreement for the removal of Dominica from the tax haven blacklist, and for the EU and supporting jurisdictions to open their doors for Dominican international business. While the move faced great criticism from involved stakeholders, it opened an opportunity for Caribbean Banks to commence business in other regions.

International Banking Association of the Caribbean Membership

On 10 January 2022, Asprofin Bank received membership approval to be part of the International Banking Association (Caribbean Section) joining a list of cooperative banks that share banking services for the Caribbean region. The membership gave access to several operationalized banks with overseas routing and settlement details like Arton Bank Corporation (FEB Corporation), and Commonwealth Bank.

Legal Identity Identifier (LEI), Patriot Act Certification and FATCA Compliance

On 17 September 2024, the bank gained registration with the United States Internal Revenue Service under a Global Intermediary Identification Number (GIIN) FXGJTY.9999.SL.212 which is covered by the United States Foreign Account Tax Compliance Act (FATCA), reflecting its adherence to international standards for transparency and reporting. The GIIN ensures bank compliance with identification and reporting of financial accounts held by U.S. taxpayers to the relevant authorities, safeguarding operations against risks of non-compliance with U.S. tax laws.

Asprofin Bank Corporation on September 30 2024 was issued a Legal Identity Identified in accordance with standard Financial Institution identification practices with LEI number 9845007F66BCEC5OE706 that remains present in the GLEIF database till September 30 2025.

Further on October 1 2024, Asprofin Bank obtained Patriot Act Certification, affirming its commitment to anti-terrorism and anti-money laundering (AML) initiatives. The certification under OMB Control number 1506-0043 in compliance with Financial Crimes Enforcement Network (FinCEN) regulations, discloses to authorities the branches of the financial institution, and the contact details of the appointed attorney-at-law for service of legal process in the United States of America.

Business Development

Wellness Technologies

On 7 September 2024, Asprofin Bank entered a diversified investment into negative ion therapy wellness technologies for cell regeneration and enhanced medicinal quality of life products. The wellness product, among 37 patented technologies, a 45 billion grade unipolar active high-concentraIon high-purity micro-nano negative oxygen ion flow machine. A study by the National Institutes of Health indicated that negative oxygen ions can rapidly reverse the cellular environment, awakening, enhancing, and stimulating cellular energy to achieve self-healing and immunity.

Datacenter Projects

On 12 September 2024, the bank entered into a planned joint venture project to construct a 13 Billion US Dollar datacenter project in South East Asia. The project to be constructed underground and include water cooling, aims to deliver 50 GB data per user for a 5 billion population, with fast low orbit satellite and fiber global data access. The underwater passive water cooling reduces the carbon footprint and increasing the Power Usage Effectiveness which is consistent with the Federal Energy Management Program Data Center design best practices. In addition, the cloud data management access of the planned datacenter minimizes onsite deployment, eliminating individual energy expenditure while retaining administrator control.