Companies in high-risk industries are finding it more difficult to open a bank account in recent times. Traditional banks and digital banks have difficulties with accepting clients with regard to their KYC procedures and AML requirements. However, there are niche banking services out there that specify in certain industries. It is important to have a full scope of the possibilities before making a decision. Doing Business International has experience with providing services for high-risk industries.
Doing Business International can provide banking solutions for the following high-risk industries:
- Crypto industry and cryptocurrencies;
- Dating/adult industry;
- Cannabis/CBD industry (also the cannabis paraphernalia industry);
- Certain licensed companies (e.g. forex investment fund);
- Gambling/iGaming industry;
- Money Transfer businesses;
- Precious Metals;
- Companies that do business in high-risk countries (typically disallowed by traditional banks);
- Import/export companies with a very high monthly transaction volume;
- And many more.
The optimal banking solution for companies in a high-risk industry usually involves a niche digital bank. High-risk merchant accounts are offered by these digital banks. Companies with a high monthly sales volume (over €20,000, for example) and companies that do business in high-risk countries can make use of these merchant accounts.
Electronic Money Institutions (EMIs) are also more flexible when it comes to high-risk businesses. EMIs will typically perform a risk assessment of the applying company based on its location, activities, and ownership structure. In this case, there will also be a list of prohibited countries, but not as extensive as with traditional banking.
Our added value is setting your business up with the perfect bank account, regardless of the industry. Doing Business International can assist companies in high-risk countries with getting a bank account that has global coverage and high chargeback protection. We work with the top banks in the world, and we have a wide arrange banking solutions for clients in high-risk industries.
So, your business is considered high-risk? And you cannot secure a bank account?
This is no longer an issue. Doing Business International can assist. Do not delay your business any longer, contact us today.
Or, would you like to know what the top banks are for high-risk industries? Let our advisors guide you. For an overview of all banking solutions, please click here.
Updated: 9-10-2023
