Bank Mandate

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Bank Mandate

1. A document issued by a bank to another bank requesting that the second bank allow a customer to open an account, conduct transactions and generally receive privileges as if he/she were an existing account holder.

2. A standardized, contractual agreement outlining the rights and responsibilities a bank and a customer have toward each other. The bank prepares the bank mandate and periodically updates it.
References in periodicals archive ?
The decision to cease dealing with bank mandates aims to enforce tighter security at customs ports and aid in the determination of those legally responsible in the case that smuggling does occur.
This includes any bank mandates, South African Non-Resident Dividends Tax Declaration Forms and e-mail addresses.
Global Banking News-June 6, 2012--Islamic Development Bank mandates banks for sukuk issuance(C)2012 ENPublishing - http://www.
22 /PRNewswire/ -- Bank of America Merrill Lynch and IdenTrust today announced plans to bring an electronic bank account management (eBAM) system to the bank's corporate clients, enabling them to open accounts, close accounts and modify bank mandates online.
The capital will be used to boost the bank's Tier 1 capital ratio, which the Central Bank mandates to be a minimum of 11 per cent.
Also, whilst bank mandates often include joint signatories, only one person may be required for online banking log on, possibly raising certain legal issues when the company becomes exposed.
In all cases other common sense steps and notifications should be considered including, for example, changing bank mandates.
Far more than merely causing an administrative upset, these changes allow the fraudsters to file false board minutes, change bank mandates, empty bank accounts, use the company's credit rating to obtain goods and even sell off assets.