Executive Summary
Alex turned to Beforis for expert advice on opening a business bank account that could handle global transactions smoothly and compliantly.
During the initial consultation, we discussed the company’s operational model, expected turnover, and payment structure (including both SEPA and SWIFT transfers). Based on the client’s needs, we identified a financial institution that offered a secure and efficient banking solution with reasonable fees, 24/7 support, and a user-friendly digital platform.
When compliance verification created obstacles, particularly document certification and beneficial ownership verification, our legal and compliance specialists guided the client through every procedural step, ensuring full adherence to the payment institution’s regulatory requirements.
As a result, the client’s account was successfully approved, and the business obtained its long-awaited banking details within a matter of weeks.
Challenge
In this case, the client faced three major hurdles:
- Unclear compliance expectations: The financial institution required specific document formats and certifications under EU AMLD standards.
- Limited prior experience: The client had not previously handled a business account opening under modern fintech/KYC frameworks.
- Urgency: The company needed a functioning account to start receiving international payments without delay.
Without proper guidance, such cases often lead to repeated rejections or extended compliance reviews lasting months.
Our Approach
- Initial banking consultation
We began with a detailed session covering business activity, expected monthly turnover, partner jurisdictions, and risk profile. This allowed us to shortlist only institutions with relevant licenses, transparent fee structures, and a strong compliance reputation. - Bank selection and pre-approval check
We commended a trusted EU-based payment institution with a record of onboarding international clients efficiently. - Documentation and certification support
When the payment institution requested certified corporate and identity documents, our legal team coordinated the process: verifying signatures, apostilles, and translation requirements to match the bank’s compliance standards. - Compliance coordination
We managed direct communication with the payment institution’s compliance department, ensuring the client’s KYC bundle met AML and due diligence standards, minimizing back-and-forth requests. - Approval and onboarding
Once compliance approval was received, the account was activated, and the client was provided with full access credentials and IBAN details for international transactions.
Result
- Account approved and operational within 3 weeks of starting the process.
- Full SEPA and SWIFT functionality enabled, allowing both EU and international transfers.
- All compliance requirements satisfied on first submission (no additional rejections or resubmissions).
- Document certification issues fully resolved under Beforis supervision.
- Long-term banking relationship established, with ongoing support from Beforis for updates, renewals, and AML compliance reviews.
The client reported a significant improvement in transparency, speed, and confidence compared with prior attempts to open business accounts independently.
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