Key takeaways
- Banks decide at their discretion; preparation improves your chances.
- Expect detailed KYC on UBOs, source of funds and business model.
- Regulated licences are the easiest to bank; unlicensed IBCs the hardest.
- Payment providers and EMIs are common first steps for new brokers.
What banks ask for
- Corporate documents and registers.
- Passports, address proofs and CVs of UBOs and directors.
- Source of funds and wealth.
- Business plan, target markets and expected volumes.
- Licence or legal opinion, and AML policies.
Your options
Traditional banks in the licence jurisdiction, international banks, and electronic money institutions or PSPs that work with brokers. Many new brokers start with an EMI or PSP and add a bank later.