Who is recommended to use thePRE-APROVAL service?
The pre-approval service is recommended by our company for activities that are considered high-risk by banks. Please keep in mind that most banks are not interested in providing their services to such clients, and choosing the right bank and opening an account for your company will take a lot of effort and time. The use and payment of the pre-approval service is recommended for companies engaged in the following activities:
- Cryptocurrency trading and related transactions
- Gambling (online casino/betting/poker rooms, etc.)
- Adult industry
- Trading activities (foreign exchange/transactions with securities/binary options)
- Trade in precious metals/precious stones
- Investment activities
- Large cash transactions
- Business related to advanced technology (including IT business)
The use and payment of the pre-approval service is also recommended for company chief executives and individuals who, while having a transparent business model or type of income understandable to banks, value their time and money. Such clients usually strive to make sure that they are a desirable client for the selected bank before proceeding with opening an account, preparing/certifying/sending a full package of documents of the company and paying for account opening services in full.
The use and payment of the pre-approval service will be useful if you have chosen a bank on your own, without taking into account the recommendations of our consultants, and want to first make sure that it is possible to open an account with the bank of your choice. This service is also applicable to banks our company does not cooperate with, since the procedures for opening an account with a European bank are quite similar.
What guarantees does the pre-approval procedure provide?
Obtaining prior approval from the bank does not mean that the account will be opened 100%. This important point must be understood and agreed on before starting cooperation. Applying for opening an account will take place in two stages.
At the first stage, the business model of your company is verified by the AML department of the bank for compliance with the bank’s criteria. At this stage, a decision is made whether the bank is ready to provide its services to your company and whether the bank is satisfied with your business model. The completion of this initial stage is guaranteed to you after your pay for the pre-approval service. A certain decision the AML officer of the bank will make after reviewing your pre-approval application cannot be guaranteed to you; however, since the bank is initially selected taking into account the business model of your company,Regulated United Europe can guarantee that the bank will most likely make a positive decision.
At the second stage, your company is verified by the bank’s security service (compliance department). You can proceed to the second stage in case of a positive decision of the AML officer of the bank and fulfillment of all the cooperation requirements of the bank selected from those for which a positive pre-approval was obtained. At the second stage, the account opening service can be provided to entities and individuals who submitted a full package of filled out bank forms and certified documents to the bank and made a deposit to the account (as necessary), provided all other requirements of each specific European bank are met. At this stage, whether the bank will make a positive decision directly depends on the accuracy of the information provided by you since all other aspects have already been agreed on at the first stage; obviously, guaranteeing you the opening of an account under these conditions is overconfidence, if not a misleading, which is unacceptable according to the policy of our company. The bank always has the last word.
What are the advantages of cooperation with Regulated United Europe?
In case of cooperation with Regulated United Europe, you can be sure of a detailed review of the business model of your company and the fulfillment of our obligation to send relevant requests to a bank specially selected for you in good faith. Furthermore, you will certainly save your time, which, without pre-approval and preliminary selection of a bank in a professional manner, will be spent on finding the right bank, filling out applications/forms, preparing documents, waiting for a decision from the bank on whether you can open an account (in case of refusal, you will have to start all over again). But even in case of a preliminary refusal, you will certainly save your money, which would otherwise be spent on certifying documents, sending documents to the bank, and, in case of refusal, for re-certifying documents and sending them to other banks since the period of use of a previously certified set of documents will expire (3 months from the date of receipt).
Important final points
The pre-approval service is only provided for the purpose of opening current bank accounts (personal and corporate).
The information specified in the pre-approval form must be accurate and true. Please bear in mind that in any case the bank reserves the right to request additional supporting documents both at the stage of opening an account and in the course of operation.
It is important to adhere to the information provided in the pre-approval form. If during the second stage of opening an account the compliance department reveals that the data is inaccurate, there will be an increased risk of being refused to open an account and you will have to go through the process of re-selecting a bank and agreeing on a modified business model and, as a result, incur additional financial and time costs.
