shell bank means a bank which is incorporated in a country where it has no physical presence and is unaffiliated to any regulated financial group.
shell bank means a credit institution or financial institution, or an institution that carries out activities equivalent to those carried out by credit institutions and financial institutions, incorporated in a jurisdiction in which it has no physical presence, involving meaningful mind and management, and which is unaffiliated with a regulated credit or financial group.
shell bank means a bank that has no physical presence in the country in which it is incorporated and licensed, and which is unaffiliated with a regulated financial services group that is subject to effective consolidated supervision.
Examples of shell bank in a sentence
Purchaser is not an institution that accepts currency for deposit and that (a) has no physical presence in the jurisdiction in which it is incorporated or in which it is operating and (b) is unaffiliated with a regulated financial group that is subject to consolidated supervision (a “Shell Bank”) or providing banking services to a Shell Bank.
More Definitions of shell bank
shell bank means a bank incorporated in a jurisdiction in which it has no physical presence and which is not an Affiliate of a regulated bank or a regulated financial group;
shell bank means a bank that has no physical presence in the country or territory in which it is incorporated and licensed and which is not a member of a group of bodies corporate which is subject to effective consolidated supervision.
shell bank means a credit institution (or a body corporate that is engaged in activities equivalent to a credit institution) that—
shell bank means a credit institution or an institution engaged in equivalent activities incorporated in a jurisdiction which it has no physical presence, involving meaningful mind and management, and which is unaffiliated with a regulated financial group.
shell bank means a bank incorporated in a jurisdiction in which it has no physical presence and which is unaffiliated with a regulated financial group;
shell bank means a bank that has no physical presence in the country in which it is incorporated and licensed or registered, but does not include a bank of that description which is wholly owned by one or more financial institutions forming part of a regulated financial services group that is subject to effective consolidated supervision;
shell bank means a bank that has no physical presence (mind and management), in the country in which it is incorporated and licensed and/or which is not affiliated with a regulated financial services group that is subject to effective consolidated supervision; and