OPENING A SIMPLE BANK ACCOUNT ......... QUITE IMPOSSIBLE !

[Pup]

Hello guys,

After I have tried to open a bank account with BUNQ and MONESE both of them refuse to open an individual bank account for one of our customer. Well, it's a simple bank account (individual) an EMI it's okay he need only an IBAN with a DIRECT DEBIT. We have other option: Wise or Icard to try but we need to understand why during the KYC operation from the EMI the system seems to block the process. It's like he has an international alert. Okay he was a PEP some year ago but this period was finished on 2013.

The other strange thing is that the customer already have a bank account in Croatia (but unfortunately they are not able to offer direct debits). Someone know how the KYC process works for an EMI like MONESE ? I have opened an account for a TEST and they confirmed IBAN in 10 minutes .......

 

[Gediminas]

Hey,

Ok, so you already pointed out the biggest red flag - he was a PEP. Most financial institutions will auto-reject the case due to this fact alone.

I had successful cases with PEP's, so drop me an email if you wish, happy to help.

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[Pup]

Thank you I'll drop you an email shortly. Maybe we can found a solution .......

 

[Martin Everson]

Pup said:
We have other option: Wise or Icard to try but we need to understand why during the KYC operation from the EMI the system seems to block the process. It's like he has an international alert. Okay he was a PEP some year ago but this period was finished on 2013.
Click to expand...

Those FI's all use Refinitiv World Check I believe which contains all PEP's, criminals, royalty or high risk persons. If his name is still in there as a PEP nothing the FI's can do but reject him automatically. Some may see the name in there and may investigate further why it is in there. But for 99.9% of FI's they will not bother and will just reject the opening. The reason being is FI's partners like correspondence banks may terminate the Fi's relationship based simply on the fact they are working with PEP's that appear in that database or even worse the receiving bank may reject/delay a wire transfer from a PEP as they too will check on World-Check the senders name.

Bottom line ask him to submit a data access request to Refinitiv to see if his name is listed (see below link). Then take appropriate steps to clean his name up in their database if something is inaccurate.


https://www.refinitiv.com/en/products/world-check-kyc-screening/am-i-listed-on-world-check
P.S DO NOT continue to try and open accounts anywhere until he cleans his name up.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Pup]

@Martin Everson this is a great suggestion ........ I'll do for sure....

 

[Pup]

Martin Everson said:
Those FI's all use Refinitiv World Check I believe which contains all PEP's, criminals, royalty or high risk persons. If his name is still in there as a PEP nothing the FI's can do but reject him automatically. Some may see the name in there and may investigate further why it is in there. But for 99.9% of FI's they will not bother and will just reject the opening. The reason being is FI's partners like correspondence banks may terminate the Fi's relationship based simply on the fact they are working with PEP's that appear in that database or even worse the receiving bank may reject/delay a wire transfer from a PEP as they too will check on World-Check the senders name.

Bottom line ask him to submit a data access request to Refinitiv to see if his name is listed (see below link). Then take appropriate steps to clean his name up in their database if something is inaccurate.


https://www.refinitiv.com/en/products/world-check-kyc-screening/am-i-listed-on-world-check
P.S DO NOT continue to try and open accounts anywhere until he cleans his name up.
Click to expand...

We sent all details, the process seems simple. Now we need just to wait for their reply.