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The Bank Cancelled My Account

As we mentioned before, all banks, including online banking solutions, are subject to AML and KYC protocols. These protocols are different from bank to bank. In accordance with these protocols, and their terms of acceptable use, a banking provider can decide to close your bank account.

Sometimes, this can happen for a specific activity in your account, for example:

You make a transfer from a high-risk country or individual.
You make a suspicious transaction, such as one for a very high amount of money.
You make a transfer that for some reason triggers their AML protocols (such as getting an amount of money from company A and sending that same amount to company B, which can be indicative of money laundering).
You make a transfer that apparently involves banned activities such as crypto asset exchanges.

Other times, the bank may decide to close your account for completely different reasons that have nothing to do with a specific activity, but their own background checks.

We’d like to help in these situations as much as we can, but unfortunately, we can’t influence the decision of the bank. We won’t even be able to know the reasons behind their decision, as they are kept private by the bank as per their AML regulations. Not even the banks we are partners with.

You need to talk to the bank and try to get to a solution. You may need to explain the recent activity of your account or hand out information about the members of the company. We are here to help you get any information related to the company that the bank may request.

If negotiations with the bank fail, we recommend that you consider opening another bank account in a different banking provider as soon as possible. There are many alternatives out there for your company. Just ask us!

Updated on: 21/11/2023

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