Regulation of offshore banks
In the 21st century, regulation of offshore banking is all agedly increasing, although critics maintain it remains largely insufficient. The quality of the regulation is monitored by supra-national bodies such as the International Monetary Fund (IMF). Banks are generally required to maintain capital adequacy in accordance with international standards. They must report at least quarterly to the regulator on the current state of the business.
Is offshore banking safe and secure
Offshore jurisdictions are politically stable countries with strong economies and developed financial sector. Financial sector is tightly regulated to eliminate risk of bank failures and ensure a good image of a jurisdiction making offshore banking highly secure.
Offshore bank account setup steps:
The documentation that may be required when setting up offshore bank accounts includes:
- Application forms with original signatures
- Valid passport copy or driver’s licence
- Banking references
- Corporate legal documents
Offshore bank account services
It is possible to obtain the full spectrum of financial servicesfrom offshore banks, including:
- deposit taking
- credit
- wire-and electronic funds transfers
- foreign exchange
- letters of credit and trade finance
- investment management and investment custody
- fund management
- trustee services
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