Opening a Digital Wallet account is fairly straight-forward, but unfortunately not everyone that applies will be eligible.
There are many restrictions based on legal and compliance issues that financial institutions must abide by legally, as well as within their own standard operating procedures.
Although legally we are not always able to disclose all reason for rejection, many of the most common reasons include things such as:
- Inadequate documentation of your business entity, or personal information of the owners.
- The location or residency of the business owners. Owners in financially “high-risk” or embargoed countries are not eligible.
- Past business or financial transactions, of which many trigger certain warnings within the global financial system.
- Any suspicious activity or prior dealings that would be considered “high risk” from an AML (anti-money laundering) compliance standpoint.