Deposit operations
According to the economic content of the deposit can be divided into groups: - demand deposits; - term deposits; - savings deposits. Deposits can also be classified according to other…

Continue reading →

Brokerage operations of banks in their accounting
The securities market is similar to the market of any other commodity, but it also has its own characteristics, which are determined by the specifics of the commodity, the method…

...

How to open a bank account in England to a non-resident?
Over the past few years, the opening of a foreign account in the Bank of England to a non-resident has grown into an impossible mission, despite the fact that the…

...

Swiss accounts: how to open a Swiss bank account?
Swiss accounts are recognized as one of the most reliable and respected in the world. The richest and most famous people of the world keep their money in Switzerland. However,…

Continue reading →

economy as a whole

Know your customer: this is why banks WILL ask you awkward questions

Banks are fined hundreds of millions of dollars for insufficient customer verification. This is exactly what happened with the largest bank in Pakistan, which received a $ 225 million fine and is now forced to close a branch in New York.
In early September, Habib Bank, which is the largest in Pakistan, was sentenced in New York. According to the Department of Financial Services, the bank did not conduct sufficient customer audits that are required by New York law. The bank was fined $ 225 million for not combating money laundering and financing terrorism, for ignorance in an adequate form of reporting, and they demanded to close the branch in the city. Continue reading