We know that opening a bank account for a gambling company can be challenging due to strict regulations, high-risk classification, and compliance requirements. Banks often classify gambling companies as high-risk, leading to stricter monitoring and higher fees.
That is why we help gather all required documents, including company incorporation documentation, gaming license information, and AML/KYC policies. Whether it’s Articles of Incorporation or a complete risk management policy, we’ll ensure every form is accurate and submission-ready. We handle everything, so you don’t miss a single compliance step.
Bank Accounts in the Gambling Industry
Whether you are running a crypto exchange, iGaming platform, forex/CFD brokerage, or any business with elevated chargebacks or AML exposure, you can struggle to secure a reliable and scalable bank account. The reason is traditional banks see them as “high-risk”, leading to frozen accounts, endless paperwork, and mostly delays.
Getting approved for a high-risk bank account is a major win, but the journey isn’t over yet. To turn transactions into actual revenue, you still need to secure a reliable high-risk payment processor and a robust payment gateway. Crucially, these services won’t just sign you up; they’ll demand clear proof that you’re compliant, properly licensed, and financially sound.
Particularly, it demands strict AML (anti-money laundering) and KYC (Know Your Customer) policies, mandatory separation of players’ deposits from operational funds, and reliable handling of massive transaction flows.
There are two main options for gaming operators:
- Electronic Money Institutions (EMIs): EMIs provide digital, multi-currency accounts equipped with advanced compliance and KYC tools, ideal for international operators.
- Traditional Banks: Some banks now offer customized services for gambling companies, though they often come with stricter requirements and longer approval times.
Banking Rules and Legal Requirements
Depending on your target market, opening a gambling-related bank account requires strict adherence to relevant laws.
Required Documentation
At a minimum, banks will ask for licensing and corporate incorporation documents to confirm your legal authority along with your passport, source of funds, and proof of address of all shareholders, UBOs, and directors. Furthermore, operators need to implement AML (Anti-Money Laundering) and KYC (Know Your Customer) policies, including transaction monitoring and source-of-funds verification.
Regulatory Framework
The global gambling industry is classified as high-risk, requiring Enhanced Due Diligence (EDD) and strict adherence to global anti-money laundering (AML) and Know Your Customer (KYC) laws. Here our job is simple: we translate your compliance into confidence, securing stable banking relationships with institutions that actually understand your business model.
Banks do not try to make your life difficult; they just need proof that you are serious about legal operations and risk management. This evidence is non-negotiable for approval.
Key required documentation include:
- Corporate and Legal Proof: Your official corporate incorporation documents and, most importantly, your valid gaming licenses.
- Personal Documents: Passports, proof of address, and comprehensive Source of Funds (SoF) documentation for all UBOs, Directors, and Major Shareholders.
- Compliance Policies: You need more than just documents, you need a working AML and KYC system. This shows the bank that you have effective policies for monitoring transactions and verifying every customer.
Every major financial regulator holds banks accountable, which means they hold you accountable. In our experience, it’s necessary to ensure you meet these core global principles, and we can help you with it without the guesswork:
Transaction Monitoring: We ensure your transaction monitoring is robust enough to satisfy national reporting requirements (FIUs).
Customer Due Diligence (CDD): We help you establish crystal-clear identity, ownership, and fund verification processes before you even onboard a customer.
Enhanced Due Diligence (EDD): As a high-risk client, you need continuous account reviews and deeper fund verification, we prepare you for this ongoing relationship.
Recordkeeping: We help you organize and maintain all financial, client, and AML screening logs for the mandatory 5–10 year period.
How to Open a Gambling Company Bank Account
Before approaching any bank or EMIs (or Electronic Money Institutions), you must have your business structure and compliance in order. Here’s a step-by-step guide to help you set up a gambling company bank account.
Step 1. Secure Your Gambling License
You must decide upon your license and future bank account before incorporating a company. The jurisdiction in which you plan to obtain the license determines where you will open the bank account. In general, the reputation of your license jurisdiction heavily influences which banks will consider your application.
When you approach MGL, we help you find the best mix of license, company incorporation and bank account opening jurisdictions in advance, so you do not need to worry about that alignment. Moreover, we ensure that jurisdiction is the best fit for your specific business needs.
Step 2. Establish a Transparent Corporate Structure
Banks require a transparent ownership structure. This means being prepared for rigorous checks on all directors, shareholders, and UBOs. This is the reason why all key personnel will undergo background checks, including copies of certified passports, CVs, and sometimes reference letters.
Step 3. Develop Comprehensive Compliance Policies
The bank will ask you for detailed AML and KYC policies already in place for your gambling operations. These policies must demonstrate how you will verify player identity and age, monitor transactions for suspicious activity, and determine the Source of Funds (SoF) and Source of Wealth (SoW) for high-value customers.
Step 4. Submit the Application and Initial Documents
Our clients do not do that on their own. The only thing they need to do is prepare their personal documents, the rest is on us. We fill out all the required forms, submit the application and initial documents to the chosen bank.
Step 5. Pass All Checks
The bank’s compliance team will conduct an Enhanced Due Diligence review, which is more stringent than a standard business account. They will verify your license with the regulator. They also may request a video interview with the directors to discuss the business model and compliance safeguards.
This is quite challenging to pass all these checks on your own. MGL prepares all your documents and assists you on this stage, helping you to pass checks brilliantly.
Step 6. Account Approval and Setup
If the EDD is successful, the bank will issue the final approval. This means you will receive your account number and online banking credentials, and you can start your business operation.
But be ready to meet ongoing monitoring. Your account will be subject to continuous transaction monitoring. Any sudden, unexplained, or suspicious large transfers may prompt the bank to freeze or close the account. You must maintain clear, accurate records and be prepared to justify all significant transactions.
