Offshore financial centers have always been vulnerable for large scale criminality due to the organization of their administrative procedures of incorporation, and the layer of anonymity provided for by their Business Companies Acts. Therefore, these jurisdictions are pressured to promote transparency and good governance, whilst ultimately protecting the integrity of the financial systems. The result is that the opening of an offshore bank account, and even the opening of a bank account for an offshore company can be difficult.
Banks and other financial institutions are regarded as safekeepers of the financial system. To comply with this position, regulators and global organisations, such as the Financial Action Task Force, define a compulsory framework for customer due diligence and transaction monitoring. The severe sanctions for violations of these rules postulate (offshore) banks to handle account opening requests with utmost care.
Bank secrecy is the principal notion of the banking contract between the customer and his bank. This crucial point brings about a challenge between the protection of the financial system and the financial interest on one side, and privacy of customers on the other side. The main concern is that illicit proceeds are funnelled through the financial system and distributed into the real economy. To avoid such abuse, the entry to the financial system as a bank customer gets difficult.
The opening of a bank account for an offshore company, and even the maintenance of this account is labour-intensive and inconvenient. Knowledgeable assistance can avoid difficult questions and a smooth relationship with an (offshore) bank. Legal Floris LLC and Equation CS help their clients with the account opening and the consent with the periodic review as initiated by the (offshore) bank. Potential customers are invited to contact us for further information and assistance.