Global Fin Net Limited in New Zealand

Setting Up Fiduciary Accounts

The Role of Global Finnet

Our role is to assist other financial institutions and banks to open and operate accounts for their clients, acting in a purely fiduciary capacity. It is expected that our New Zealand facility will provide operating accounts in US dollars, Euro and other major currencies. Sensible anti-money laundering procedures will be applied in a client sensitive background.

Additional precautions are required when transferring money between countries in order to guard against a myriad of potential problems. All payments out of accounts will be countersigned by our own authorized signatories in New Zealand after they are sent to us by our participating Financial Institutions. We will make certain checks before signing in order to protect the facility for the benefit of all users. Thus, there is one authorized signatory from the Financial Institution and one from us.

Major Banks are becoming increasingly cautious about who they do business with and the origin of money. In order to operate accounts in New Zealand we are obliged to maintain a proper office staffed by at least one person located in the same city as the Bank where the account is operated. We also must have a person who is well known to the bank to be responsible for operation of the account. Certain records need to be available for inspection by Authorities.

Our service is expected to be found useful to the following: small private banks, clearing accounts, Fiduciary accounts, Trust accounts, Escrow accounts, general global financial institutions that have concern for the safe custody of money and its movement from time to time.

Send a good copy of your passport as proof of your identity and one utility bill as proof of your residence. This satisfies banking requirements and ensures that your money always remains yours.

Operations

1.         Anti money laundering regulations give the bank an absolute right to reject any inward remittance no matter how small.

2.         You will be given an account name (yours) so that your clients can send money to your account. You will need to add a message so that you can identify whose account to credit in your own books. For example, you may wish to use your clients’ account number with a prefix. You must have available to us, on demand, full details of any transaction.

3.         We will arrange for you to receive a bank security device with your own user name, password, PIN in order to obtain internet access to view your account. The setting up of this facility is time sensitive. This is arranged once your account has the minimum opening balance in it. The central office of the bank will send your security device to us, we will send it onwards to you by courier and you must activate the devise within 10 days of the original dispatch by the bank. If you are late, or the courier has difficulty delivering to you, then we will have to reset the user name / password for you to log on initially.

4.         Be aware that international transactions do not complete the same day. You need to allow several days, depending upon the banks and countries involved, for transactions to be completed. You also need to know that in addition to your banks charges for a service there are also generally correspondent bank charges and the receiving bank also charges about $8.00.