Canonical: https://unicorncurrencies.com/business-accounts/for-remittance-companies/ # Local Business Accounts for remittance companies | Unicorn Currencies ## Summary Unicorn Currencies supports selected remittance companies 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 remittance companies that need local account details for receiving, currency separation, and reconciliation across GBP, EUR, USD and AED. Accounts are provided as named local collection accounts after enhanced review of licence or registration status, customer due diligence, transaction monitoring, corridors, and flow of funds. ## Who it may fit - Licensed or registered remittance businesses where required - Companies with documented customer onboarding, screening, and monitoring processes - Businesses that can explain payer types, beneficiary types, and corridor rationale - Remittance companies prepared for enhanced review and prior approval before issuance ## 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:** MSBs may apply where appropriately licensed or registered. See the Money Service Businesses page for MSB-specific requirements. **Q:** Can FX firms apply? **A:** Remittance companies with FX-related activity should explain payment purpose and corridors during enhanced review. See the foreign exchange firms page for FX-specific context. **Q:** Can remittance companies apply? **A:** Yes, where approved. Remittance companies may apply after enhanced onboarding, licence or registration review, flow-of-funds assessment, and any required prior approval. **Q:** Can CFD brokers apply? **A:** Remittance companies are reviewed on their remittance business model. CFD broker activity is 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/) - [CFD brokers](https://unicorncurrencies.com/business-accounts/for-cfd-brokers/) - [Banks & financial institutions](https://unicorncurrencies.com/business-accounts/for-banks-and-financial-institutions/)