Opening accounts for High-Risk

Legal company "Prikhodko and Partners"

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We will discuss the process of opening a high risk bank account- criteria for classifying a business as high-risk and the steps involved in opening both a bank account and a payment system account for such businesses.
Let’s delve into the details!
Criteria for Classifying a Business as High-Risk Activity
Before opening an account for a high-risk business, it is essential to understand the criteria that determine its classification. Here are some factors that contribute to a business being considered high-risk:
• High chargeback or fraud rates associated with the industry
• Involvement in industries prone to money laundering, such as gambling or adult entertainment
• Operates in sectors with a higher likelihood of legal or regulatory challenges, such as cryptocurrency or online pharmacies
• Businesses in the early stages without a proven track record
• Consider establishing strong internal controls and implementing robust compliance procedures

Opening an Account for High-Risk Business in a Bank
Opening a bank account for a high-risk business requires careful consideration and preparation. Here are some key steps to follow:
• Research providers that provide high-risk businesses
• Prepare a comprehensive business plan that highlights the potential profitability and risk management strategies of your venture
• Ensure your company’s legal structure and registration documents are in order
• Provide transparency by disclosing all relevant information about your business activities, including any licenses or permits required
• Be prepared for additional due diligence procedures, such as providing personal and business financial statements, proof of identity, and source of funds


Why us?
• Expertise: Our team comprises experienced professionals with a deep understanding of the Fintech industry and its unique challenges.
• Tailored Solutions: We believe in delivering customized solutions that align with your specific business goals and requirements.
• Global Reach: With a strong network of partners and associates worldwide, we cater to clients across various jurisdictions.
• Regulatory Compliance: We prioritize compliance with local and international regulations to protect your business from legal risks.
• Proven Track Record: Our successful projects and satisfied clients are a testament to our commitment to excellence.
• Confidentiality: We maintain the highest levels of confidentiality and data security, ensuring the privacy of your sensitive information.

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