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Opening and running a business bank account

This online guidance is designed to help businesses seeking to open and run an account with a bank in the UK.

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Opening a business bank account

The banking industry is required by law to comply with Know Your Customer (KYC) and Money Laundering Regulations

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Source of funds and source of wealth

The banks are required to understand the source of any funds that will be placed within the business account

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What to expect once all documentation has been provided

On completion of the above the bank will undertake a review of the information provided including relevant security, identity and credit checks.

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What should I do if the bank says no

If the bank you approach advises that they are unable to help with a business account you can seek alternatives at www.betterbusinessfinance.co.uk and www.businessbankinginsight.co.uk

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What if I remain unhappy with the decision or service?

If you are not happy with a decision a bank has made about your account or a transaction the best first course of action is to speak to your bank.

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What happens if the bank decides it needs to close my business account?

At times banks may take a decision to exit or cease a relationship. This decision will not be taken without full consideration from the bank and can be driven by a range of factors.

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Banks offering business bank accounts and how to apply:

Please find below a list of on-line application portals for UK business bank accounts. You can also find out more by using the Better Business Finance Account Finder or by visiting www.businessbankinginsight.co.uk

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Guidance for Crowdfunders & Peer to Peer Platforms (Fintech)

What banks are looking for from crowdfunding platforms seeking banking services

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