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Undergoing Compliance Procedures in a Bank

Bank compliance control is not a news, but an unpleasant present-day fact. This is a thorough banking audit which is carried out by a special department and is aimed at determining the client's compliance with the requirements of a financial institution. Compliance takes time, efforts, and nerves of an entrepreneur. Moreover, it jeopardizes the stability of business performance. But there will be no relief from the banks. One must learn to deal with it.

In our everyday practice, we see that each client without exception is faced banking compliance! Either you have been working with a bank for 10 years or just plan to open an account, the compliance department will ask you to prove the transparency of current and planned revenues.

In case of problems with compliance control, the bank may initiate an additional audit of a company or individual. Therefore, it is worth treating these procedures with maximum responsibility from the very beginning and entrusting it with experienced specialists.

We answer these and other questions that arise during the compliance check:

  • Why am I being checked for money laundering and terrorist financing if I have legal business?
  • I must provide documents on transactions conducted years ago, but I no longer have contacts with a partner!
  • If I do not answer the request, can I be sure of the safety of my funds?
  • Where is my business management centre located?

The questions may vary. Unfortunately, the reality is that the client’s fate is rested with the compliance department. Therefore, one should keep ahead of the game!

If you fail to pass compliance control and KYC in a bank, the risks are the following:

  • an account freeze;
  • return of funds to the sender;
  • suspension of incoming/outgoing payments;
  • handing over your case to the public control service;
  • as a result, contracts burn, agreements with partners are broken, penalties are imposed, etc.

What we offer:

With our professional assistance, your bank account will remain active, funds will be available, and nothing will prevent you from the fulfilment of contract obligations.

The service includes:

  • We help to collect documents on transactions;
  • We write a detailed explanation in a proper bank language;
  • We represent your interests in a bank;
  • Data concerning our clients and cooperation is stored confidentially on secure servers in Switzerland;
  • We reduce your time costs by undertaking most of the work.

Our main task is to ensure your efficient business performance in every possible way.

Order a free consultation, and our compliance specialists will be happy to help you.

* “Undergoing compliance procedures in a bank” service is often accompanied with corporate account opening in an Austrian bank.

 

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Intelligent Solution Group LTD.
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expert@isg-consult.com

 

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