Organizations operating in the marketing services sector often come under close scrutiny from financial institutions and payment systems. The reason is the specific nature of their income, the large number of counterparties, the international nature of their operations, and the frequent changes in promotional platforms. Such businesses are carefully reviewed in terms of their sources of funds, contractual arrangements, and the applicant’s reputation before their services are approved.
Additional challenges arise because this sector is considered higher-risk from a compliance perspective: there are too many intermediaries, subcontractors, and one-off transactions. As a result, applications from such clients may require additional explanations.
A British company in this sector faced a similar situation. It needed a corporate account with reasonable fees, but some of the supporting documents were simply unavailable. Without them, passing the verification process became more complicated, while the company’s attempts to resolve the issue independently did not produce any results.
Read the following sections to learn what solution we proposed and how the approval process with the bank proceeded.
Missing Documents as the Main Obstacle at the Start
The client approached us with a clear objective – to select a cost-effective payment solution and obtain a corporate account without unnecessary expenses. At the initial meeting, the client identified the main difficulty: some of the documents that financial institutions usually request were missing.
It turned out that the missing documents were among those most commonly requested at the initial stage of an application review. Some had never been issued due to the specifics of the company’s registration, others had been lost, while some were simply not required for companies of this type. At the same time, the deadlines were limited.
The situation was further complicated by the fact that previous attempts to resolve the issue independently had not produced any results: banks had refused the applications, citing incomplete information, and had not offered any alternative options. It became clear that the standard set of documents was not the main issue here. More important was to demonstrate the good faith of the business through other means, maintain confidence in the applicant, and complete the procedure on time.
Preparing an Alternative Package Instead of Standard Documents
We started by gaining an in-depth understanding of the client’s case: we reviewed its business activities, contracts, partners, and the specifics of its interactions with advertisers. This made it possible to determine what materials were available and how they could be used instead of the missing documents, taking regulatory requirements into account.
We paid particular attention to the wording. It was important to describe the processes in language that would be clear specifically to compliance specialists, rather than limiting ourselves to general statements from presentations. This helped structure the information in a format convenient for review by the compliance department.
Stages of our work:
- Review of the initial information. We collected all available data and determined what supporting evidence was missing to pass the review.
- Selection of indirect evidence. We found a way to substantiate the legality and transparency of the transactions through other means, without relying on the lost documents.
- Compilation of the final package. We consolidated the information obtained into a single structure and prepared a package taking into account the requirements of the selected financial institution.
- Assistance with communication with the counterparty. We promptly responded to additional questions and provided the necessary explanations.
This format of cooperation helped avoid lengthy pauses and repeated inquiries that usually delay account opening when the set of materials is incomplete, while the client did not have to personally negotiate with the financial institution.
Account Opened Without Delays or Repeated Checks
The compliance specialists accepted the proposed package of documents and the client’s explanations. No additional information was required, and the procedure was completed within the standard timeframe despite the initial lack of information and the atypical structure of the application.
As a result, the client received:
- a functioning corporate product with acceptable service terms;
- confirmation of its business profile as part of the review;
- a structured package of explanations and supporting documents that can be used in subsequent reviews;
- confidence in further cooperation with the selected financial partner.
For the client, this meant not only resolving the immediate issue but also preparing for future checks: if the business scales up or the bank is changed, there will be no need to explain the specifics of its niche from scratch.
In addition to the main request, we prepared recommendations for the client on storing and updating data so that there would be no need to collect the supporting evidence again when making future applications.
Have you encountered difficulties opening an account or a lack of documents? Lawrange experts will help you select a reliable solution for your business. Contact us for a consultation!
