5 steps to open your bank account successfully
It is an open secret the banking system changed considerably after global credit crisis and banking crisis in several jurisdictions (especially, in Cyprus). It is considered worldwide that old international banking systems have known better days and they are creating new patterns of cooperation with clients.
How does this new mechanism work? How were the changes constructed? And what are the main reasons for it?
We will try to figure out the current situation below.
At first, it happens that bank can deny composition of account to you and there are definite reasons for such a decision. We will help you to find possible mistakes, analyze the reasons for the refusal of cooperation between bank and your business.
Find 5 steps which will help you to set up a bank account.
Step 1. Your personal manager.
If you want to set up a bank account you meet a client account manager first. There are many variations of this position depending on bank types (investment, private, corporate, etc.) that take care of various trade specializations including financial institutions, corporate businesses, private enterprises, clients and states. Cooperation with a client account manager is the first fundamental step. You will be able to build successful relations with a bank in case you submit verifiable transparent information to ensure that your income is valuable for it without any risks.
Step 2. Compliance Officer.
Although you will never meet a compliance officer in person, this specialist is a key player in making decision whether to set up an account or not. Compliance officer analyses you as a reliable beneficiary, your business type, contracts, your capital source and international ranking. Nowadays, the capital source literally counts for a great deal. That is why banks require confirmation of legal origin of your assets not running the risk. To complete this step, you should perfectly perform the procedure described above. If there are some issues with your capital source, you should describe all the reasons to your personal client account manager proving that current cooperation with your company is safe for the bank.
Step 3. Bank Director.
Bank director’s approval directly depends on the success of your first two steps. Pay all your attention to them as this phase concerns your capital assets and possible risk which your business might bring to the banking structure.
Step 4. Commission.
Large-scale investments go through an obligatory investigation process performed by the commission. Extend your personal client account manager’s potential and make sure that you have provided all the required transparent information. The commission can ask you additional questions and reveal some facts which you, probably, have tried to conceal. Get ready for the comprehensive investigation of your business history and help your personal client account manager to submit all the data required.
Step 5. New clients support.
This step is an actual opening of a bank account which is possible after previous steps are successfully completed.
At first glance, the procedure of setting up a bank account seems to be extremely complicated. But it only seems so. The specialists of OLIESERVE, having a great experience of setting up account for individuals and companies in international banks in Cyprus, Asia and Europe, are happy to provide you with our services.