Nominee
A designated individual to receive or manage account assets under specific conditions.
Detailed Description
Nominee
What is the primary role of a nominee in banking?
A nominee manages or holds assets for the benefit of the original account holder, ensuring transactions are facilitated according to their wishes.
What are the main types of nominees?
The main types include individual nominees, corporate nominees, and trustees.
What are some benefits of using a nominee?
Benefits include simplified transactions, privacy, continuity in asset management, and access to expertise.
What risks are associated with designating a nominee?
Risks include potential mismanagement, fraud, loss of control over assets, and legal complications.
How can someone designate a nominee?
Designating a nominee involves selecting a nominee, completing a nomination form, notifying the bank, and regularly reviewing the arrangement.