Knowledge Base

Benefits of Private Banking

A bank or financial entity that offers non-governmental services and is owned independently is referred to as a private banking entity. A large number of financial institutions provide high net worth individuals services such as wealth management and asset protection services to help organize…

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Required Documents for SWIFT Membership

SWIFT membership enables banks and other financial institutions to conduct international financial transactions in a safe and secure manner. To obtain a SWIFT membership, it is imperative to present relevant documents to the organization. The SWIFT Board of Directors reviews the submitted documents…

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The Process of Bank Auditing

Banks and other financial institutions are required to undergo the process of bank auditing to ensure that all the financial operations being carried out are in full compliance of the legal requirements in the jurisdiction. This process is carried out periodically, with bank auditors reviewing the banks…

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Advantages of Bank Wire Transfers

The process of conducting electronic payments from one bank account into another is known as a bank wire transfer. There is a set service fee charged for bank wire transfer that can either be a percentage of the transaction or it may be a flat rate charged on all transactions regardless of the…

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Documents Required for Bank License

Individuals and companies that wish to establish an offshore bank are required to submit certain documents to the relevant regulatory body of the jurisdiction in order to obtain a banking license. The application procedure for the bank licensing is often complex therefore it is advised to seek the assistance…

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Issuing of Financial Guarantees and Instruments

Banks and other financial entities are able to issue their clients with letters of credit for transacting overseas payments. These letters of credit are often referred to as issuing financial guarantees and instruments that ensure buyers are able to make the payments for the amount they are purchasing…

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What is Bank Auditing

Bank auditing is the procedure of reviewing the services and procedures adopted by banks and other financial institutions. It is a routine procedure that all financial services entities must undergo in order to ensure that they are in compliance with industry standards and jurisdictional regulations…

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What is an Investment Bank

A financial institution that offers a diverse range of banking and financial planning services to their clients is called an investment bank. This type of financial entity assists their clients in raising capital through underwriting and acting as an agent for the issuance of securities. Investment banks are financial…

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Why obtain SWIFT Membership

SWIFT is a global network that enables standardized financial transactions to be conducted in a secure and reliable manner. There are an estimated 9,700 financial entities that hold SWIFT membership in over 207 countries worldwide. The Society for Worldwide Interbank Financial Telecommunication…

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What is a Financial Regulatory Body

The financial regulatory authority of a country is the body that grants and issues banking licenses to all financial entities within its governing region. This entity also outlines the legislation and policies that must be complied with in order to operate in the specific jurisdiction that its covers…

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