High Risk Banking
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.
Navigating the banking system as a high-risk business can be tricky. Banks are subject to heavy regulations, so any accounts related to cannabis may be subject to further scrutiny. Therefore, it is important to be prepared when seeking approval from banking compliance officers. This should include being aware of the due diligence process that is involved in order to ensure successful approval for cannabis business banking. FirmEU can assist you with opening a bank account for your high-risk business. FirmEU has an extensive international banking network specialized in high-risk bank accounts, just like for one of the businesses below!
It is important to know that there are niche banks (both traditional and digital) that do 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 Industry
- Cannabis/CBD industry
- Gaming/gambling industry
- Precious metals
- Export industry
- Companies with a very high monthly transaction value in the import/export
- Any other high-risk industry
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.