If you have been trying to open a Business bank account for Gambling business you will know how difficult it can be.
There are a number of reasons why opening a Business bank account for Gambling business is difficult and that is mainly due to it being considered high risk by the clearing banks.
As it can bee difficult to trace every single payment that comes into the business, making sure there is no money laundering going on can be very difficult.
As such it’s easier for the high street banks to simply decline an application rather than risk opening it.
The anti-money laundering rules and regulations are so strict that for many banks the cost to monitor is simply far too much given the money they would make out of it.
So how come big companies can open a Business bank account for Gambling business and I cannot?
Simply put, they will be paying a huge amount in bank fees compared to a much smaller business, meaning the bank can afford to have more people checking on the transactions to minimize the risk to them.
So can we open an online Business bank account for Gambling business?
Sadly as the majority of new online business account providers use a clearing bank to hold the funds in these types of new accounts, then they are able to dictate what business they can accept.
So in many cases, anything to do with gambling is classified as too risky and therefore declined with these providers too.
So are there any Business bank account for Gambling business available?
Well there are some UK options for those registered with the Gambling Commission and although they may have some restrictions, they will allow you to transact using faster payments, unlike offshore options.
As most banking operations are effectively run through one of the clearing banks, there will be options available but just be prepared you may need to compromise.
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