Internal Operations

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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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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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 Letter of Credit

A letter of credit is a document issued by a bank or financial institution to state the irrevocable undertaking of payment from a payer to present to a seller or third party. This document acts as a binding contract, thus guaranteeing that the buyer will complete the payment transaction for goods and services…

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Which banking software do I require

Banks and other financial institutions are required to implement and integrate the relevant banking software into their business entity in order to offer financial services to clients. It is important to acquire the relevant software to ensure the smooth operation of your legally compliant banking institution…

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What are correspondent bank relations

Banks or financial institutions that wish to receive and make payments in foreign currencies for clients across the globe must establish correspondent banking relations. The bank is effectively acting as the correspondent’s agent or conduit, processing and accepting payments…

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Why World Check

Banks, and other financial institutions, use World Check as an important tool to ensure that clients who wish to open an account with them, are not politically exposed. World Check is considered a highly important tool to avoid politically unsafe customers within…

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What is KYC

KYC, which stands for Know Your Customer, is a form of protection for both clients and financial institutions. Many regulatory authorities require banks and other financial institutions to be compliant with KYC regulations in order to be a fully functional legal entity…

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What is due diligence

Due diligence is a process that a bank must follow in order to be diligent and prudent. It is a series of concepts that are carried out when investigating an asset, investment or other business transactions. Traditionally, due diligence is a procedure that is carried out by a…

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What is World Check

World Check is a database that is used by banks and other financial institutions in order to ensure that customers who wish to open an account with your bank have never been politically exposed. World Check is a necessary system for banks that who need to…

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