Canonical: https://unicorncurrencies.com/business-accounts/for-msbs/ # Local Business Accounts for Money Service Businesses | Unicorn Currencies ## Summary Unicorn Currencies supports selected Money Service Businesses (MSBs) 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 be available to selected Money Service Businesses that need local GBP, EUR, USD and AED account details for named collection, currency separation, and reconciliation. Accounts are provided as named local collection accounts after enhanced review of licence or registration status, AML/CTF controls, flow of funds, and ongoing compliance requirements. ## Who it may fit - MSBs with valid licence or registration where required in their operating jurisdictions - Businesses with documented customer onboarding, screening, and transaction monitoring - MSBs that can provide clear payer, beneficiary, and corridor context - Businesses prepared for enhanced review before any account details are issued ## 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:** Yes, where approved. MSBs may apply for a Unicorn Currencies Local Business Account after enhanced onboarding, licence or registration review, and any required prior approval. Approval is not guaranteed. **Q:** Can FX firms apply? **A:** MSBs focused on foreign exchange activity should explain FX payment purpose and flow of funds during enhanced review. FX firms may also review the foreign exchange firms page. **Q:** Can remittance companies apply? **A:** MSBs with remittance activity should explain remittance corridors, payer types, and monitoring controls. Remittance-specific context is on the remittance companies page. **Q:** Can CFD brokers apply? **A:** MSBs are assessed on their actual business model. CFD broker activity is reviewed separately 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/) - [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/) - [Banks & financial institutions](https://unicorncurrencies.com/business-accounts/for-banks-and-financial-institutions/)