Permitted banking activities in financial centres remain subject to regulatory prohibitions, operational conditions, and design, execution, and risk-management requirements. Regulation 13 permits a Banking Unit to undertake banking activities within the statutory scope of the International Financial Services Centres Authority ... Summary
Permitted banking activities in financial centres remain subject to regulatory prohibitions, operational conditions, and design, execution, and risk-management requirements.
Regulation 13 permits a Banking Unit to undertake banking activities within the statutory scope of the International Financial Services Centres Authority Act and the Banking Regulation Act, 1949, unless expressly prohibited by the Home Regulator of the Parent Bank or the Authority. Activities must comply with applicable terms, conditions and guidelines on design, execution and risk management. Referral services are expressly included among permitted activities. The framework replaces an earlier itemised list with a broader permission model subject to regulatory restrictions and compliance controls.
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