Enhanced due diligence: why some businesses get more questions
When a provider's rules say it takes your industry "with conditions", the condition is often enhanced due diligence: more questions and documents before and after the account opens.
What the law requires
In the UK, the Money Laundering Regulations 2017 oblige a provider to apply extra checks in some cases, including business with high-risk third countries and any case presenting a higher risk of money laundering or terrorist financing.
A relevant person must apply enhanced customer due diligence measures and enhanced ongoing monitoring
examining the background and purpose of the transaction
How providers say it
Providers rarely use the legal term. Their rules name what they review, or say an activity needs their approval first.
We review your licences (VASP, CASP or equivalent), business model, fund flows and counterparties
What it means on Banxta
An answer of "With conditions" on a provider page means the provider's own rule accepts the industry subject to something: a licence, an approval or extra checks. The condition is printed beside the quote.
For licensed activities, each industry page lists what licence the providers ask for and where it must come from, when they say.