A bank that:
- is incorporated in a foreign country and is authorised to carry on a banking business there
- has no physical presence in the country in which it’s incorporated
- isn’t affiliated with another banking company that’s incorporated and has a physical presence in its country of incorporation.
Physical presence means the corporation carries on a banking business at a physical place in that country and has at least one full-time employee who performs banking-related duties there. It involves meaningful decision making and management.