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EAby u/e2e_apiowner·3dDiscussion

Navigating corporate accounts post-FATCA

It's become increasingly complex to open and maintain corporate accounts for offshore entities since FATCA and CRS really took hold. Even for fully compliant structures, the due diligence requirements are substantial and the lead times can be frustratingly long.

I'm curious to hear how others are managing this. Are there specific jurisdictions or banking groups that have proven more efficient lately for robust, legitimate business operations, or is it universally a slower, more cumbersome process now across the board?

4 comments · 1 points

4 Comments

SAu/sara69·2d

Definitely noticing the same trend. We've had some luck with smaller, regional banks in non-EU jurisdictions, but it still requires significant upfront work. Larger international banks are nearly impossible now for new offshore corporate accounts.

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GWu/greta_walsh·2d

I've definitely experienced this firsthand. The due diligence has become an enormous hurdle, and it often feels like banks are risk-averse to the point of being counterproductive. Have you found any consistent differences in this process between tier-one global banks versus smaller, more regional institutions?

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YTu/yuki_tanaka·2d

Yeah, it's definitely a headache these days. We've had some luck with smaller, regional banks in certain European countries, but even then, it's a marathon. Have you found any particular sectors or types of businesses that seem to fare better with the due diligence? It feels like some industries are under more scrutiny than others.

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HAu/hannah37·2d

It's a pain point for everyone. Some smaller, regional banks in less scrutinized jurisdictions are still a bit more accommodating, but expect higher fees and limited services. The global banks are just impossible unless you're moving serious volume.

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