Banking Regulations Archives

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Banking Regulations

Does the bank sign a PGL or BPU after the DOA is executed with an account holder?

March 1, 2025admin

No, Prominence Bank does not sign Purchase Guarantee Letters (PGL) or Bank Payment Undertakings (BPU) after the execution of a Deed of Agreement (DOA) with an account holder. These agreements are strictly between the transacting parties. We recommend that clients consult with their legal and financial advisors to ensure full compliance with all regulations before...

SKR Transfer and Asset Custody

February 19, 2025admin

Please note that Prominence Bank does not accept SKRs issued by external storage facilities. To proceed with any transaction, the assets must be deposited with Prominence Bank. Upon deposit, an SKR will be issued directly by our bank, ensuring full bank responsibility and validity for monetization purposes.

Clarification on the Listed +44 Telephone Number

February 19, 2025admin

Our listed +44 telephone number connects to our international 24/7 service center, designed to support clients across all regions. While Prominence Bank operates under the sovereign jurisdiction of the State of SCNRFP, we maintain multiple global communication channels to ensure seamless service. All official transactions, agreements, and regulatory obligations are conducted exclusively under the authority...

What is the bank license number for Prominence Bank?

November 2, 2024admin

Prominence Bank operates under a Class ‘A’ Banking License (License No. 05052025-A), issued by the State of SCNRFP. This license authorizes Prominence Bank to provide a full spectrum of international banking services under the sovereign authority of the Theocracy Government.