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Acronyms that contain the term shell bank
What does shell bank mean? This page is about the various possible meanings of the acronym, abbreviation, shorthand or slang term: shell bank.
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What does shell bank mean?
- 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.
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"shell bank." Abbreviations.com. STANDS4 LLC, 2024. Web. 26 Apr. 2024. <https://www.abbreviations.com/shell%20bank>.
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