We've all seen the recent news about a bank being fined for deficiencies in its anti-money laundering (AML) procedures.
Unfortunately, it's not an isolated case. More and more, we're seeing online financial institutions — often new, fast-growing players — focus heavily on user acquisition, sometimes at the expense of their internal controls and compliance structures.
It's easy to see the appeal. These providers offer speed: account opening in just a few days, minimal requirements, and almost no bureaucracy. Compared to traditional banks, the difference is staggering. If you've ever felt lost navigating endless forms and back-toback certifications with a local bank, you're not alone.
Tip 1: Work with a provider who can support you through the account opening process.
A good partner can make all the difference in translating bank requirements into simple next steps — saving you time, stress, and back-and-forth emails.
Then there's the other, arguably biggest, selling point: payments just go through. And for many businesses, that's a strong enough reason to look past potential downsides.
But there's more at stake.
When a bank is fined for AML breaches, it's not just about "other clients" getting caught. These situations can have a real impact on you. So ask yourself:
- Is the future of this institution clear? If regulators crack down, your account could be affected — or even frozen.
- What does it say about your business if you bank with a ‘bad bank'? Even if your company is completely legitimate, reputational damage can come from association. Partners and clients might ask: "If they're not compliant, are you?"
This is where traditional banks come back into the conversation — not because they're perfect, but because they tend to play it safer.
Of course, local banks aren't angels either — let's be honest, opening an account with them can take ages. But they do offer something valuable: reputation, perceived stability, and lower long-term risk.
So where does that leave you?
Tip 2: Do your research — or partner with someone who already has.
Look into the financial institution's standing, regulatory track record, and AML framework before you commit. Or better yet, work with someone who knows the terrain and can help you avoid the pitfalls.
Tip 3: Don't put all your eggs in one basket.
Even the best-planned banking setup can go sideways. Diversifying your accounts across more than one provider is a smart way to reduce risk. Regulatory hiccups, operational delays, or even technical issues — any of these can cause disruption. Having a backup account means your business doesn't stop.
Tip 4: Expand your network through trusted partners.
Not all banks are created equal. Having access to a wider range of reliable institutions gives you options — and leverage. Providers like us can introduce you to vetted banks and financial institutions that match your specific profile and risk appetite.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
