FAQ

We work with a multitude of EU correspondents and are integrated with European EMIs who provide our clients e-money services allowing our clients to be issued dedicated SEPA IBANs through our platform.

For low and medium risk companies, we aim to open accounts within 2-5 business days amer all the documents have been submitted to the compliance team.
For high-risk companies it takes longer to conduct due diligence, as EDD measures are applied. However, we aim to open these within 7-10 business days amer all the documents have been submitted to the compliance team.

IBANLY offers SEPA and SWIFT accounts for business customers with C2B, B2B and B2C capabilities. For licensed companies, IBANLY can provide client money accounts to facilitate client transactions.

To open the IBANLY account you will need to provide the below KYB & KYC documents:

1. Certificate of incorporation
2. Memorandum of Association/ Articles of formation
3. Register of directors
4. Register of shareholders
5. Business proof of address (utility bill, or rent contract, or bank statement, etc…)
6. Online applica[on form

Other documents can be requested by the compliance team depending on the business activity of the client, and the jurisdiction of business incorporation.

Concerning personal documents KYC is collected on ultimate beneficial owners and directors, including but not limited to:

1. Passport copy
2. Recent proof of address no older than 3 months old (bank statement, or rent contract, or utility bill, etc…)
3. CV or LinkedIn profile 

Amer the client submits all corporate documents and the online application form via the website or email, our compliance team reviews all the information and conducts a preapproval for the company. Once the pre-approval is granted, the client is sent an invoice to continue the onboarding which represents a fee for document review ahead of the account opening. Once this invoice is senled, the compliance team conducts the remaining due diligence procedures and upon their completion notifies the client of the account opening result.

A business account is a bank account opened in the name of your business allowing you to transact with your corporate counterparties and receive revenue.