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Global private banking involves products and services that are tailored for high-net worth and wealthy banking customers. Also referred to as offshore banking, global private banking gives the rich access to a higher level of banking services than what they may receive through the retail bank. These services include anonymity, investments, professional management and concierge banking services.
Changing Nature of Global Banking
As more countries are adopting banking rules and procedures designed to detect and prevent money laundering and terrorist financing, the world of global private banking is changing. Banking regulators around the world are instituting new standards designed to prevent money held in an offshore from being used to finance illegal activities.
The nature of changes in global banking should provide more protection for customers and insure the integrity of the banking systems around the world. These protections will continue to allow the flow of capital across borders and add to the growth of the world economy.
