Do you have a business that is considered to be high-risk? And you cannot secure a bank account?
It is more difficult to open a bank account for a company in a high-risk industry, compared to companies in traditional industries. This is due to KYC/AML requirements typically set out by central banks and other regulatory bodies.
It is important to know that there are niche banks (both traditional and digital) that service high-risk industries. FirmEU can assist in laying out the banking options for companies in high-risk industries. If you want to speak to one of our consultants, contact FirmEU here.
Companies in the following industries should not hesitate to contact us:
- Crypto industry;
- Forex trading industry;
- Adult/dating industry;
- Cannabis/CBD industry;
- Certain licensed companies (e.g. investment funds);
- Gaming/iGaming (gambling) industry;
- Precious metals;
- Money Transfer businesses;
- Companies with a very high monthly transaction value in the import/export;
- Any other high-risk industry.
Companies that operate in high-risk industries typically have a hard time finding suitable banking solutions. For them, a digital bank that provides a specialized high-risk merchant account can be the optimal choice. These accounts are designed specifically for businesses with substantial monthly sales (over €20,000) or those which are located in high-risk countries. Traditional bank accounts usually aren’t suitable for such organizations, even though they may seem like an attractive option.
High-risk banking is easier to access when working with an Electronic Money Institution (EMI), since they perform their own risk assessment for businesses based on location, activities, and ownership structure. However, there will still be a list of prohibited countries when setting up the account, though not as extensive as with more traditional banking.
A standard solution for these services is a niche digital bank (as opposed to traditional banks). But where are they, and how do they operate? FirmEU can assist you in this regard. We have a strong network of niche banking services per industry. FirmEU adds value by saving you time – we already have all the contacts and know-how when it comes to high-risk banking. This means that we will assist with filing the correct applications according to our experience, and providing the relevant documentation to our banking network. We work with the top banks in the world, and we have a wide range of banking solutions for clients in high-risk industries.
Finding it difficult to arrange a bank account for your high-risk business? Contact us today.
If you are interested to learn more about the other bank account services FirmEU offers, check out other bank account opening services here.