Frequently Asked Questions
About iKYC
Who are iKYC?
iKYC Advisory is a specialist banking advisory firm. iKYC Limited is a Jersey company (Registration Number RC111217). iKYC BV is a Netherlands company. We have been opening bank accounts for complex structures since 2012. Our team has over 55 years of combined banking and trust experience. We operate across Jersey, Guernsey, Isle of Man, Cayman Islands, Singapore, Luxembourg, the Netherlands, Switzerland, and the United Kingdom.
Are you regulated?
iKYC Limited is a Jersey company registered with the Jersey Office of the Information Commissioner, registration number 66103. iKYC BV is a Netherlands company operating under Dutch regulatory requirements.
Where do you operate?
We open bank accounts across nine jurisdictions: Jersey, Guernsey, Isle of Man, Cayman Islands, Singapore, Luxembourg, the Netherlands, Switzerland, and the United Kingdom. We work with institutions in each jurisdiction and understand the specific regulatory and documentation requirements of each.
Do you manage assets or provide investment advice?
No. iKYC is a banking advisory firm. We do not manage assets, provide investment advice, or hold client funds. We focus exclusively on banking access, account opening, cash management introductions, custody arrangements, and financing solutions for complex structures.
The Application Process
Who can apply?
Any regulated trustee, corporate service provider, family office, fund manager, or international corporate with a banking requirement for a complex structure. We work with trusts, SPVs, funds, foundations, family offices, and trading companies. If you are unsure whether we can help, submit an application and we will assess it.
How does the process work?
You submit an application through our Apply page. A member of the iKYC team reviews your requirement, assesses bankability against current institutional appetite across our network, and contacts you within one business day with recommended institutions and next steps. We then manage the full submission process from file preparation through to account activation.
How quickly will I receive a response?
We provide an initial bankability assessment within one business day of receiving your application.
Is the initial assessment charged for?
The initial bankability assessment is complimentary. We agree our fees with you before commencing any bank submission work.
What information do I need to provide when applying?
The application covers five areas: your contact details, the structure requiring banking, the type of banking required, KYC readiness, and a review step. The more detail you provide about the structure and its background, the more accurate our initial assessment will be. You do not need to have all documentation ready before applying.
What happens after I apply?
A member of the iKYC team will contact you to discuss your requirement, confirm our assessment, and agree next steps. We will then work with you to prepare the file, select the right institution, and manage the submission through to approval.
Banking for Complex Structures
Which structures can iKYC bank?
We bank discretionary trusts, fixed interest trusts, private trust companies, purpose trusts, charitable trusts, offshore SPVs, holding companies, private equity funds, venture capital funds, hedge funds, AIFs, UCITS, family offices, private foundations, and international trading companies. If your structure is not listed here, submit an application and we will assess it.
What is enhanced risk and can you help?
Enhanced risk is a classification applied by banks to structures or individuals that require additional due diligence. Common reasons include UBOs from certain jurisdictions, complex ownership chains, prior adverse media, PEP connections, or structures with non-standard purposes. A significant proportion of our mandates are enhanced risk. We assess the profile carefully, prepare the file to the correct standard, and match the structure to institutions with current appetite for that risk profile.
Can you help if we have been declined before?
Yes. Many of our mandates involve structures that have been declined by one or more institutions. A decline does not mean a structure is unbankable — it often means the wrong institution was approached or the file was not prepared correctly. We assess the reason for the decline and approach the right institution with the right preparation.
What is the difference between going through iKYC and going directly to a bank?
iKYC knows which institutions have current appetite for which structure types and risk profiles. We prepare the file to the standard required for first-time approval. We manage the process from submission through to account activation. Going directly to a bank without specialist preparation significantly increases the risk of delay, repeated information requests, or decline.
Do you work with electronic money institutions?
No. Unless specifically requested, we work exclusively with fully licensed banks. We do not place client structures with electronic money institutions or payment service providers acting as bank substitutes.
Can iKYC open accounts for structures across multiple jurisdictions?
Yes. We regularly work on mandates involving structures with components across multiple jurisdictions — for example a Cayman fund with a Jersey SPV and a Luxembourg holding company. We coordinate the banking requirements across each jurisdiction and manage the process centrally.
KYC and Documentation
What documents will we need?
The documents required depend on the structure type, jurisdiction, and institution. As a general guide, most mandates require constitutional documents for the structure, source of wealth documentation for the UBO or settlor, identification for all relevant parties, a structure chart, and a description of the structure's purpose and activity. We will advise you on exactly what is needed once we have assessed your application.
What is source of wealth documentation?
Source of wealth documentation demonstrates the origin of the funds held in or flowing through the structure. It may include tax returns, company accounts, sale agreements, inheritance documentation, or a combination. Banks require this to satisfy their AML obligations. Preparing a clear and well-evidenced source of wealth narrative is one of the most important factors in a successful account opening.
How do you handle our data?
iKYC Limited is registered with the Jersey Office of the Information Commissioner, registration number 66103. All information provided through our application form is transmitted securely and treated in strict confidence. Our full privacy policy is available at ikyc.com/privacy-policy.
Is our information shared with banks without our consent? We will only approach banks once you have given us your consent to proceed. Once consent is given, iKYC selects the most appropriate institutions from our network based on your structure, risk profile, and banking requirement. The selection of institutions is made by iKYC based on our assessment of current bank appetite. This is a core part of the expertise we provide.
How long do you retain our information?
We retain information in line with our legal obligations under Jersey and applicable AML legislation, which typically requires retention for six years from the end of an engagement. You have the right to request a copy of the information we hold about you or to request its deletion. Contact richard@ikyc.com to exercise these rights.
Ready to apply? Submit your banking application We will assess bankability and respond within one business day.