General

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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What are politically exposed persons

An individual who has prominently been involved in public activity, or is close to such a person, is often referred to as a politically exposed person (PEP). Banks and other financial institutions carry out a PEP screening prior to opening bank accounts. This process is part of the initial…

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What is anti-money laundering

The set of procedures and legislation adopted in order to prevent generating income through the means of illegal financial activity is referred to as anti-money laundering. The majority of individuals that acquire income through illegal means tend to conceal it to avoid being caught engaging in fraudulent activity…

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Benefits of offshore banking for customers

Individuals and companies that set up an offshore bank have the opportunity to appeal to a large international client base. This is because offshore banking enables a number of wealthy individuals to conduct their banking activity in a highly secure and private manner…

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What is a banking institution

A financial intermediary that offers monetary services to its clients is often referred to as a banking institution. Ranking from a traditional bank to a building society, a banking institution allows its clients to conduct financial transactions, including depositing money into their…

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What is bank secrecy

Bank secrecy refers to one of the conditions of the relationship between a bank and its clients, whereby the clients’ dealings and financial activity are treated as strictly confidential, along with their personal information. It is a legal principle that has been implemented…

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What is money laundering

Money laundering relates to the disguise of the true nature, source or location of money. Money laundering is a serious offense as it enables criminals to evade taxes on large amounts of money that have been taken from illicit sources. Money laundering is the act…

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Clearing House Automated Payments System

The Clearing House Automated Payments System (CHAPS) is a London based British company which was established in 1984. The main purpose of CHAPS is to facilitate trading done in European currencies. The Clearing House Automated Payment is a company that…

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What is a business license

A business license is a required permit and a prerequisite for companies to meet, if they wish to engage in business activities. It provides the business entity with the authority to lawfully conduct activity under the rules and regulations of its jurisdiction. Most businesses are…

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Clearing House Interbank Payments System

The Clearing House Interbank Payments System (CHIPS) is one of the largest privately owned clearing houses in the United States, facilitating payments over US$1 trillion per day in an estimated 250,000 payments between banks. The Clearing House Interbank Payments System is owned…

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