Banking Regulations Archives

+(44) 208 895 6493 Mon - Fri 09:00 - 17:00 Centre Montpellier PB 788, Fomboni, Mwali, KM

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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 corresponds to our international service center. While Prominence Bank is registered in the KM Union, we maintain multiple global communication channels to support our international clients. All official transactions and agreements are conducted strictly under Prominence Bank’s jurisdiction.

What is the bank license number for Prominence Bank?

November 2, 2024admin

Prominence Bank operates under a Class ‘A’ Banking License, which is essential for providing comprehensive banking services within the framework established by the governing authorities in Mwali. This license signifies our commitment to maintaining the highest standards of regulatory compliance and operational integrity. – License Number: B201918 – Regulatory Authority: Issued under the International Business Companies Act...