Banking Solutions for iGaming Businesses

by | Apr 28, 2020 | Business Development

Banking Solutions for iGaming Businesses

With increased regulations of the local Banks in Malta towards to high risk clients to refuse to give their service, it became tricky for the sector to have bank accounts for their organization.

Even though companies are operating under one of the most regulated licensee – MGA, and following each compliance requirements, that didn’t change bank’s opinion. 2019, most of the local banks had sent legal letter to their I-gaming clients to inform them that they have a few months to remove their funds from their player and business accounts. De-risking strategy is the part of practice of financial institutions to exit relationship with their ‘’High risk’’ clients.

The I-gaming industry facing their own challenges in the view of risk associated level in the industry. Rather than managing those risky clients with following the regulator’s directive, banks decided to follow easier path to exit relationship with them.

Even though companies are operating under one of the most regulated licensee – MGA, and following each compliance requirements, that didn’t change bank’s opinion. 2019, most of the local banks had sent legal letter to their I-gaming clients to inform them that they have a few months to remove their funds from their player and business accounts. De-risking strategy is the part of practice of financial institutions to exit relationship with their ‘’High risk’’ clients.

The I-gaming industry facing their own challenges in the view of risk associated level in the industry. Rather than managing those risky clients with following the regulator’s directive, banks decided to follow easier path to exit relationship with them.

As LAG Merchant Group the legal partner of Bilderlings Pay Ltd., England and Blue Orange Bank, Latvia, we are dedicated to offer most reliable banking solutions to I-gaming companies like business accounts, player accounts, Credit card acquiring for any Licensed company. Our team continuously develop to receive UK and European bank accounts to their clients with general banking solutions.

During the on-boarding process, we listen our clients’ needs to understand what exactly they need and bring the solution in the most effective way. Our on-boarding team had established with I-gaming experts with many years of experience in the sector to identify the right solutions.

Which licensed companies can open bank account with us? 

  • UK, MGA, Curacao licensed B2b and B2c casinos are welcome to on-board with Bilderlings.

What are the requirements to open an account?

  • As each bank follows AML requirements of FIAU, it will be required to arrange account opening form and Due diligence forms of the company. During the on-boarding period, our team will help you to direct how to fill the documents and collect correct due diligence to speed up the process.

What happen to your money when you put into Bilderlings accounts?

  • As Bilderlings Pay Limited works as EMI, your money is secured because your funds are deposited at corresponding banks like EU Central Banks.

How many days it takes to open an account?

  • Each account opening will require an on-boarding process. This process generally takes 1-2 weeks as our compliance team is pretty familiar with I-Gaming clients but it also depends on the collecting and receiving the documentation by client’s side.

Get in touch with our team to evaluate and discuss the best solution for your organization.

 

 

 

 

CONTACT

REGISTERED ADDRESS

Bel Arbre
Unit 2, Apt. 13
Triq ir-Russett
San Gwann
Malta

REG. NO.

C80660

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LAG MERCHANT GROUP LTD. ALL RIGHTS RESERVED.

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