Canonical: https://unicorncurrencies.com/business-accounts/for-banks-and-financial-institutions/ # Local Business Accounts for banks and financial institutions | Unicorn Currencies ## Summary Unicorn Currencies supports selected banks and financial institutions that need local account details, named collection flows, currency separation, reconciliation, and payment operations across GBP, EUR, USD and AED. These accounts require enhanced review and prior approval before any account details are issued. Local Business Accounts for regulated and financial businesses are available only after enhanced review and prior approval. Approval depends on the business model, licence or registration status, jurisdiction, ownership, payment purpose, currencies, counterparties, expected activity, and ongoing compliance review. ## What this page is about Unicorn Currencies Local Business Accounts may support selected banks and financial institutions that need local account details for named collection, currency separation, and reconciliation across GBP, EUR, USD and AED. Accounts are provided as named local collection accounts — not bank accounts — and require enhanced review of licence or registration status, ownership, payment purpose, counterparty profile, and ongoing compliance before any details are issued. ## Who it may fit - Regulated banks or financial institutions with documented governance and compliance controls - Institutions that can explain payment purpose, corridors, and counterparty context clearly - Businesses needing separated currency receiving flows with audit-friendly reconciliation - Institutions prepared for enhanced onboarding, prior approval, and ongoing review ## Who it will not fit - Unlicensed businesses where a licence or registration is required - Unclear source of funds - Unclear flow of funds - Unsupported jurisdictions - Businesses unable to provide customer due diligence and transaction evidence - Prohibited activity ## How a Local Business Account can be used - Receive funds using local account details - Separate GBP, EUR, USD and AED flows - Hold available balances - Reconcile by payer, customer or currency - Convert and pay suppliers or beneficiaries through Unicorn Currencies ## Enhanced review requirements - Corporate documents - Ownership and control structure - Licence or registration evidence - AML/CTF policy - Sanctions and PEP screening process - Customer onboarding process - Transaction monitoring process - Flow of funds - Expected currencies, corridors and volumes - Payer and beneficiary types - Sample transaction rationale - Supporting documents where requested ## Approval process - **Submit business profile:** Share entity details, jurisdictions, and payment purpose before review begins. - **Complete enhanced onboarding:** Provide ownership, control, and operational context beyond standard business onboarding. - **Provide licence and compliance documents:** Submit registration, AML/CTF, screening, and monitoring documentation where applicable. - **Review payment purpose and expected flows:** Treasury and compliance assess currencies, corridors, payers, beneficiaries, and activity. - **Obtain prior approval where required:** Some profiles require explicit approval before any Local Business Account can proceed. - **Account details issued only if approved:** Local account details are not issued until onboarding, enhanced review, and required approvals are complete. - **Ongoing review continues after activation:** Activity, jurisdictions, counterparties, and compliance posture are reviewed on an ongoing basis. ## Pricing Pricing for regulated and financial businesses is confirmed after review. Published Local Business Account pricing applies to low-risk approved business profiles only. Enhanced-review businesses may be priced differently based on risk, activity, volume, currencies, jurisdictions and compliance requirements. ## Compliance note Local Business Accounts are provided as named local collection accounts. They are not bank accounts. Availability is subject to onboarding, enhanced review, prior approval, currency availability, payment purpose, jurisdiction, counterparty profile and ongoing compliance review. ## FAQ **Q:** Can MSBs apply for a Local Business Account? **A:** Money Service Businesses are reviewed on the MSB page. Banks and financial institutions are assessed on their institution profile, licence status, and payment purpose. **Q:** Can FX firms apply? **A:** Financial institutions with FX-related flows should explain treasury and payment purpose during enhanced review. See the foreign exchange firms page for FX firm context where relevant. **Q:** Can remittance companies apply? **A:** Institutions with remittance-like activity must explain payer and beneficiary controls. See the remittance companies page for remittance-specific context where relevant. **Q:** Can CFD brokers apply? **A:** Institutions are reviewed on their stated regulated activity. CFD broker profiles are assessed on the CFD brokers page where applicable. **Q:** Are accounts guaranteed? **A:** No. Local Business Accounts are not automatically issued. Approval depends on business model, licence or registration status, jurisdiction, ownership, payment purpose, currencies, counterparties, expected activity, screening results, and ongoing compliance review. **Q:** Is this a bank account? **A:** No. A Unicorn Currencies Local Business Account is provided as a named local collection account for approved businesses. It is designed for receiving, holding available balances, reconciliation, conversion and payment operations through Unicorn Currencies. **Q:** What documents are required? **A:** Enhanced review typically requires corporate documents, ownership and control structure, licence or registration evidence, AML/CTF policy, sanctions and PEP screening process, customer onboarding process, transaction monitoring process, flow-of-funds explanation, expected currencies and volumes, payer and beneficiary types, sample transaction rationale, and supporting documents where requested. **Q:** How long does enhanced review take? **A:** Timing depends on the quality and completeness of documents, business model complexity, ownership structure, jurisdictions, licence status, payment purpose, and compliance review requirements. Unicorn Currencies does not quote a fixed approval timeline for enhanced-review profiles. **Q:** Can account details be issued before approval? **A:** No. For regulated and financial businesses, Local Business Account details are issued only after onboarding, enhanced review and any required prior approval have been completed. **Q:** Can pricing differ from published pricing? **A:** Pricing for regulated and financial businesses is confirmed after review. Published Local Business Account pricing applies to low-risk approved business profiles only. Enhanced-review businesses may be priced differently based on risk, activity, volume, currencies, jurisdictions and compliance requirements. ## Related regulated pages - [All Business Accounts](https://unicorncurrencies.com/business-accounts/) - [Financial services](https://unicorncurrencies.com/business-accounts/for-financial-services/) - [MSBs](https://unicorncurrencies.com/business-accounts/for-msbs/) - [FX firms](https://unicorncurrencies.com/business-accounts/for-foreign-exchange-firms/) - [Remittance companies](https://unicorncurrencies.com/business-accounts/for-remittance-companies/) - [CFD brokers](https://unicorncurrencies.com/business-accounts/for-cfd-brokers/)