The devil is in the details: our experience in opening an account

One day we were approached by a company that provides payment services (Neobank). The task is standard – to open an account.
But everything was complicated by the fact that the client did not have his own payment license, but rented it from other providers.

Our lawyers studied this issue in detail, applied to different banks, received confirmation, and agreed on the most suitable option for the client. Then the process of onboarding began for the client – filing all the necessary documents, and internal inspections of the bank, including the AML/KYC procedure.

After passing the due diligence, we were refused to open a bank account with no reason given. We made an investigation. It turned out that several years ago the client platform positioned itself as No KYC and indeed in the early posts of the company there was a mention that the organization was going to attract customers in a very simplified way. Based on this, the application was rejected by the bank because there were doubts that the client would continue to comply in good faith with legal requirements.

SBSB FinTech Lawyers picked the right solution and removed the reckless information from all social media. After that, helped to successfully open an account at another bank.

The moral of the story is this: if you are planning to open a bank account, you need to pay attention not only to the application but also to a full business check: check every word on the site, comments, and posts on social networks, etc. In due diligence, the bank pays attention to every detail. And most importantly, entrust the solution to your problems to professionals, because the real reasons for rejection you can never know.

If you have any questions, please contact us Telegram-chat https://t.me/blockchain_sbsb, where SBSB FinTech Lawyers are always ready to provide high-quality advice and help in solving your problems.