Part 1 of 3 of Email / Article Series!
Is Corporate Banking a headache for you?
One of our clients had their account suspended by a major banking institution without any proper explanation in writing, leaving them exposed and impacting their operations and payroll payments.
Another client of ours had an application pending with a banking institution for more than 9 months!
Unfortunately, with increased regulation and compliance requirements, cases like these are becoming increasingly common.
Why?
Some of the most common pitfalls include:
Incomplete or Inaccurate Information:
Mismatched details (name, address, ID, or documents) can trigger rejection.
- Failed background checks:
Past unresolved legal issues or even negative online publications may raise red flags for financial institutions.
- Non-compliance with terms:
If you’ve had accounts closed previously for chargebacks, policy breaches, or abuse, a new application may be automatically declined. This is especially true for e-commerce and online marketing companies.
- Local or legal restrictions:
Applications may be rejected due to local regulations, licensing restrictions, involvement or PEPs or high-risk professions.
- Wrong choice of banking institution
Some banks are tailored to specific clients—corporates, high-net-worth individuals, or local-only customers. Applying to an institution that doesn’t fit your profile can lead to rejection. This is probably the most common mistake we see businesses make leading to wasting time with the wrong partners.
Our team can help guide and avoid these issues.
Tel: +357 22 622 262
Email: info@paraschou.com.cy
Web: www.paraschou.com.cy
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