

approved bank

    4613(except in COLL) (in relation to a bank account opened by a firm):

      1. (a) if the account is opened at a branch in the United Kingdom:
        1. (i) the Bank of England; or
        1. (ii) the central bank of a member state of the OECD; or
        1. (iii) a bank; or
        1. (iv) a building society18; or
        1. (v) a bank which is supervised by the central bank or other banking regulator of a member state of the OECD; or
      1. (b) if the account is opened elsewhere:
        1. (i) a bank in (a); or
        1. (ii) a credit institution established in an EEA State other than the United Kingdom and duly authorised by the relevant Home State regulator; or
        1. (iii) a bank which is regulated in the Isle of Man or the Channel Islands; or
      1. (c) a bank supervised by the South African Reserve Bank; or
      1. (d) any other bank that:
        1. (i) is subject to regulation by a national banking regulator;
        1. (ii) is required to provide audited accounts;
        1. (iii) has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time) and has a surplus revenue over expenditure for the last two financial years; and
        1. (iv) has an annual audit report which is not materially qualified.

    (in COLL) any person falling within (a-c).