Opening a bank account for high-risk businesses can be challenging, especially when dealing with regulatory scrutiny and financial restrictions. Choosing the ideal country to open a bank account for high-risk businesses is a critical step that can determine the long-term success and operational stability of your company.
What Makes a Business “High-Risk” in the Eyes of a Bank?
High-risk businesses are companies that operate in industries flagged for increased financial or legal risk. These may include adult entertainment, online gambling, crypto services, CBD, forex, and more. Banks often evaluate risks based on regulatory compliance, chargeback rates, and reputational concerns.
Why Is Choosing the Right Country So Important?
Some countries are more receptive to high-risk sectors and have developed banking infrastructures or licensing options specifically for them. The choice of jurisdiction affects:
- Account approval rates
- Compliance complexity
- Transaction costs
- International reputation
Which Countries Are Most Common for High-Risk Banking?
Country | Pros | Cons |
---|---|---|
United Kingdom | Strong financial system, EMI options, fintech-friendly | Strict compliance, high rejection rate |
Lithuania | Fast EMI licensing, EU IBANs, low cost | Limited traditional banks |
Malta | Crypto and gaming hub, EU access | Regulatory delays, slow onboarding |
UAE | Favourable for crypto, privacy-focused | Complex local presence rules |
Cyprus | Active in FX and gaming sectors | Higher perceived risk by EU banks |
How Do You Compare Jurisdictions Effectively?
Consider the following factors:
- Speed of onboarding
- Type of bank (EMI, PSP, or traditional)
- Local substance requirements
- FX and multi-currency support
- Political and economic stability
Case Example: Opening a UK EMI Account from Abroad
Many high-risk businesses consider the UK for its EMI (Electronic Money Institution) options. For example, an adult subscription platform from Spain managed to open a UK EMI account by working with a specialised compliance firm and preparing enhanced KYC/AML documentation. The process took 3 weeks.
Is the UK Still a Viable Option Post-Brexit?
Yes, but only if you are prepared. UK banks and EMIs have tightened compliance, especially for foreign businesses. However, the UK remains a top jurisdiction due to its fintech leadership and regulatory transparency.
At RiskLink, we turn complexity into opportunity. With over two decades of expertise and a strong network of banking partners, we help high-risk businesses navigate the post-Brexit regulatory landscape with confidence. Our tailored approach ensures your company meets compliance standards while securing the right banking solution in one of the world’s most reputable financial hubs.
Final Tips for High-Risk Companies Looking to Open a Bank Account
- Work with specialised consultants or banking intermediaries
- Always prepare enhanced due diligence packs
- Be transparent about your business model and sector
Where Can I Get Help?
If you’re unsure where to start, our team at RiskLink can guide you through the process of selecting the best jurisdiction and opening a compliant bank account.
Also check the FCA official site for the latest list of registered EMIs and banking regulations.