The Banking process in Ireland is guided by the Anti-Money Laundering Regulations contained in the Criminal Justice Act 2013. This requires designated bodies such as Banking institutions to obtain sufficient identification documents and information to properly identify their customer, understand their business and be satisfied that the risk of money laundering is low.
This can often slow the Banking application process as they are required to request much more detail about the company's activity, how it generates revenues, where any capital funding is sourced from, proof of directors & shareholders identification and current home address & rationale for operating a business in Ireland.
These are all very relevant questions and necessary in screening potentially illegal activities.
We are experienced in this process, have key contacts in the Irish Banking Sector and are expert in guiding you through the bank account application process.