SBFP Bank policy on the prevention of money and securities laundering

The factors for account closure to be taken into consideration:

  • Your nationality and country of residence: should you be considered as national or resident in a high risk country, should your country have high level of taxes or change of laws and legislation
  • High-risk activities: online gaming, pornography, defences materials, forex, wealth management, payment gateway, gold and diamonds, arts dealers and etc. Please be aware that the Bank can change it’s strategy and your activity might be considered as a potential risk for the bank as well

SBFP Bank account may also be terminated by:

  • Absence of transactions, account considered as dormant: this is particularly right for corporate entities created to hide the beneficial owner and in fact designated to hold private funds
  • Transactions with high risk countries: Algeria, Panama, Saudi Arabia etc. The list of restricted countries should be clarified with the Bank in advance.
  • Location of your clients and suppliers, problems with their reputation may also make offshore bank account terminated

Any credit balances held on the account(s) will be returned to the client in the form of a remittance cheque
The cheque is sent to the address that you have provided within 30 days from account closure confirmation