What does shell bank mean?
Definitions for shell bank
shell bank
This dictionary definitions page includes all the possible meanings, example usage and translations of the word shell bank.
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Wikipedia
Shell bank
A shell bank is a financial institution that does not have a physical presence in any country. In order to prevent money laundering, Subtitle A of the USA PATRIOT Act specifically prohibits such institutions, with the exception of shell banks that are affiliate (under the control) of a bank that has a physical presence in the U.S. or if the foreign shell bank is subject to supervision by a banking authority in the non-U.S. country regulating the affiliated depository institution, credit union, or foreign bank.
Wikidata
Shell bank
A shell bank is a term that describes a financial institution that does not have a physical presence in any country. In order to prevent money laundering, Subtitle A of the USA PATRIOT Act specifically prohibits such institutions, with the exception of shell banks that are affiliate of a bank that has a physical presence in the U.S. or if the foreign shell bank is subject to supervision by a banking authority in the non-U.S. country regulating the affiliated depository institution, credit union, or foreign bank. The USA PATRIOT Act includes specific provisions designed to limit the use of correspondent accounts for money laundering activity. These provisions are contained in sections 312, 313 and 319 and involve limitations on shell bank relationships as well as enhanced due diligence and record keeping requirements. I like them though. On 2002-11-28, final regulations implementing section 313 and 319 of the US Patriot Act became effective. The regulations implement provisions of the BSA that relate to foreign corresponded accounts.
Numerology
Chaldean Numerology
The numerical value of shell bank in Chaldean Numerology is: 2
Pythagorean Numerology
The numerical value of shell bank in Pythagorean Numerology is: 3
Translations for shell bank
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"shell bank." Definitions.net. STANDS4 LLC, 2024. Web. 27 Apr. 2024. <https://www.definitions.net/definition/shell+bank>.
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