Active professional nominee bank signatory in 2021
Occasionally, Healy Consultants Group PLC supplies professional active nominee bank signatory services to our multi-national Clients.
How does an active nominee bank signatory work?
- Our Business Owner Mr. Aidan Healy will be appointed temporary bank signatory to our Client’s multi-currency corporate bank account.
- The bank will courier to Healy Consultants Group PLC Singaporean office the e-banking login details, including token and passwords.
- Only our Group Financial Controller Ms. Sharon Tham (click link) will access e-banking on behalf of Aidan Healy and our Client. The e-banking platform tokens and passwords will be stored in a 500kg safe beside Ms. Sharon’s desk. Only Sharon knows the password for this safe.
- Our Client will daily or weekly communicate with Ms. Sharon via email and cell phone and WhatsApp and Microsoft Team Meeting video call.
- Following email-receipt of instructions from our Client, Ms. Sharon (click link) will execute daily or weekly outgoing funds transfers. Depending on the nature and amount of the transactions, Sharon or our in house Legal and Compliance Department or the bank can revert for supporting documentation before completing the transactions, including, for example, contracts and invoices.
- At least once a week, Ms. Sharon will log into e-banking to i) review incoming funds transfers and ii) download bank statements and iii) email update our Client re activity on the bank account.
- Before 05th of the month, Ms. Sharon (click link) will email the bank statements to our Client.
- To protect our Client’s privacy, Ms. Sharon will only communicate with Aidan Healy and our Client. For supervision and security reasons, Aidan Healy will be cc’ed in all emails between Ms. Sharon and our Client.
- When professional bank signatory services are no longer required, we appoint our Client as sole bank signatory and remove Aidan Healy. Directly from the bank, our Client will courier receive their own e-banking access tokens and passwords. For security and completeness reasons, Ms. Sharon will courier to our Client the old e-banking access tokens.
- Only then, is Healy Consultants Group PLC bank signatory relationship with our Client and his bank accurately and completely finished.
How can I feel more secure about this banking arrangement?
- For a professional reference, you can phone call or video call communicate with other Clients of Healy Consultants Group PLC. Specifically, multi-national Clients who historically used our professional active nominee bank signatory services.
- Our Client and Healy Consultants Group PLC pre-agree and sign a Professional Services Agreement (PSA) laying out i) the terms and conditions of the engagement and ii) the professional active nominee bank signatory’s role and responsibilities.
- Immediately upon request from our Client, Healy Consultants Group PLC will supply our Client with due diligence documents about Ms. Sharon Tham and Mr. Aidan Healy including i) passport copy and ii) proof of address and iii) resume and iv) driving license.
- Both our Client and Healy Consultants Group PLC have a common interest to eliminate all reputation, litigation and financial risk arising from the bank signatory arrangement. Examples below of strategies to be put in place to minimize the risk of misuse of the account:
- Whenever possible, Healy Consultants Group PLC will secure approval from the Bank to appoint i) our Client and ii) Sharon as co-approvers for all outgoing transactions exceeding US$10,000, to minimize the risk of outgoing transfer errors or fraudulent transactions by Healy Consultants Group PLC, our Client or a third party.
- Whenever possible, Healy Consultants Group PLC will secure approval from the Bank for automatic SMSs to be sent whenever a transaction exceeding US$1,000 is completed through online banking.
- It is important that both i) Sharon and ii) our Client timely review monthly bank statements downloaded by Sharon. Both sides to also conduct random audits of banking transactions.
- Only Ms. Sharon (click link) will access e-banking on behalf of Aidan Healy and our Client. The e-banking platform tokens and passwords are stored in a 500kg safe beside Ms. Sharon desk and only she has the password to open it.
- Ms. Sharon will only communicate with Aidan Healy and our Client. For supervision and security reasons, Aidan Healy will be cc in all emails between Ms. Sharon and our Client.
- Our Client will be cc’ed in all email communication between Healy Consultants Group PLC and the bank. All phone calls between Healy Consultants Group PLC and the bank will be recorded. E-mail trails and call recordings trail will clearly show the chronological historical communication between bank and the bank signatory.
- Likewise, our Client will always cc Sharon and Aidan in all communication with the bank.
- Immediately upon request from our Client:
- Ms. Sharon will email our Client a screenshot of the bank account activity.
- Aidan Healy or our Asia Pacific CEO Mr. Simon Guidecoq will investigate irregularities (if any); and
- Our Client can attend a video call between the bank officer and Aidan Healy.
Why do some Clients need an active nominee bank signatory?
- Some of our multi-national Clients urgently need a multi-currency corporate bank account. Healy Consultants Group PLC supplies our Client with a turnkey solution. It can take many months for the bank in-house Legal and Compliance Department to approve our Client’s preferred bank signatory. Immediately, our Client needs to receive a large incoming funds transfer.
- In some countries, it is a legal requirement for the bank signatory to be a resident. For example, Saudi Arabia or Japan. Until our Clients’ preferred bank signatory is appointed, Healy Consultants Group PLC supplies a temporary professional active or passive nominee bank signatory.
Healy Consultants Group PLC’s fees
- Our average annual fees to provide a professional active nominee bank signatory range between US$9,950 and US$14,950, depending on the risk profile of our Client’s business.
- Additionally, Healy Consultants Group PLC will charge a monthly administrative fee, dependent on The expected volume of daily and weekly outgoing funds transfers to be actioned by Ms. Sharon on behalf of our Client.
- Our Client needs to pay Healy Consultants Group PLC fees in advance
Monthly admin fees Number of monthly outgoing e-banking transactions to be actioned by Sharon US$ monthly turnover 0 to 5 5 to 20 21 and above US$0 to US$100,000 US$250 US$450 US$650 US$100k to US$199k US$399 US$699 US$799 US$200k to US$499k US$550 US$950 US$1,550 US$500k to US$999k US$1,290 US$1,990 US$2,790 US$1 million and above US$1,959 US$2,599 US$3,799
Being a temporary bank signatory for a Client is both risky and profitable for Aidan Healy and for Healy Consultants Group PLC and for our Client. As soon as practical, it is in everybody’s interest to appoint our Client as sole bank signatory.