Law, 25.06.2021 03:00 ADKREBS

A cryptocurrency trader wants to open a bank account in your bank in Italy. What documents would you require him to do it? Imagine that the trader explains his business in detail, and he says that he buys cryptocurrency online and sells them for more money to make a profit. He has financial statements; ha pays taxes and has all of this in the rule. Do you think his economic activity is risky for AML purposes? Would you open the account to him?

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Answer from: Dweath50

The correct answer to this open question is the following.

Although there are no options attached we can say the following.

If a cryptocurrency trader wants to open a bank account in my bank in Italy, I would be very strict in order to proceed with his request. I would double-check the present legislation in Italy regarding Anti-money Laundering and all the laws regarding international finance and banking transactions. And do not want to have any problems with the law.

The documents I would require him to provide are the legal constitution of his company in a real country, not in the so-called "fiscal paradises" such as Andorra. He would have to provide me with all the documents that prove he runs a legal business and I would take these documents to the legal department of the bank to prove and certify them.

I would also ask my assistant to personally check on the web or public criminal records to know if the ma's company has had any problems in the past that had affected his reputation.

I would ask him to explain his business in detail, with the presence of an expert in the cryptocurrency business. I would require a copy of the company's financial statements, his taxes, and proof that he has no debt. He needs to prove that all the documents are in perfect rule.

Yes, I think his economic activity is risky for AML purposes because that is the nature of the cryptocurrency business. It has not been regulated by any government in the world. That is the reason why almost no bank in the world or country accepts cryptocurrency as normal currency. It is so volatile. Indeed, nobody regulates cryptocurrency. And the proof is the thew bitcoin and other cryptocurrencies change their value on a daily basis.

I would think twice about accepting opening the account to hi, It is risky to the first degree.

Answer from: Quest

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Answer from: Quest

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A cryptocurrency trader wants to open a bank account in your bank in Italy. What documents would you...

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