Video conference with a foreign bank: how to prepare for identification?

Opening an account with a foreign bank can be an excellent solution for those who want to diversify their financial assets, conduct business abroad, or simply access foreign financial institutions’ services. However, the process of opening an account abroad is often associated with a number of bureaucratic obstacles and personal presence requirements. However, due to the rapid development of digital technologies, many financial institutions offer their clients a modern and convenient solution for remote account opening through the video identification procedure.

This method allows clients to avoid needing to personally visit a bank branch to open an account, especially for foreign banks, which saves time and makes the service more convenient and efficient. However, to successfully complete identification via video link, you must carefully prepare.

In this article, we will discuss key steps that will help you confidently complete the identification procedure via video conference with the bank, minimize possible reasons for refusal, and speed up the process of interaction with a financial institution.

Document submission and video identification process

When establishing a business relationship with a client (i.e. when accepting service), regulated entities such as banks and payment systems are required to identify the client and verify his identity “using documents, data or information from reliable independent sources,” which includes, including digital identification.

Video identification can be used both for new clients and for existing clients (for example, if it is necessary to change the composition of the board, update the details of identity documents, or change the agreement with the bank).

A new person who wants to become a client of the bank is first required to submit identification documents, and, after checking them, go through the video identification procedure directly, if it is permissible/permitted in the specifically selected bank (not all banks provide this service; personal identification is often required for investment banks ). Based on this, several stages can be distinguished:

1. Submission of documents:

• Online Form: The customer fills out the online form by providing basic information about themselves, including full name, address, contact details, etc.
• Uploading documents: In addition to the form, you must also upload scans or photographs of identification documents. This could be a passport, driver’s license, or national ID card. In some cases, additional documents may be required, such as proof of address (utility bills, bank statements) or tax documents. For business accounts, all statutory documents and documents for beneficiaries are required.

2. Document verification:

• Verification: The bank checks documents for authenticity and completeness after submitting them. This may include checking watermarks, holograms and other security features of documents, as well as checking data against government databases and registries.

3. Video identification:

• Schedule a call: After the documents’ preliminary verification is successful, the client is asked to schedule a time for a video call with a bank employee.
• Preparation: To do this, you need to ensure good-quality video communication, have a working device with a camera and microphone, and prepare all the original documents that were uploaded to the bank’s website. We also recommend having digital scans of all documents on hand.
• Conducting a video call: At the appointed time, the client connects to the video call. The bank employee will ask to show the original documents on camera to ensure their authenticity and will compare the image on the document with the client’s face. Questions may also be asked to further verify identity and confirm data.

After communicating with the manager, the bank may request additional documents on the company and documents confirming the client’s financial well-being. Requesting additional documents is standard practice when establishing a business relationship with a bank. This helps ensure a high level of security and trust, minimize risks, and comply with legal requirements. Preparing and submitting the necessary documents in a timely manner will speed up the process of opening an account and begin cooperation with the bank without delays.

Why can a bank refuse to open an account via video conference?

The bank may refuse to open an account for a number of reasons related to the client’s errors, technical problems, or inconsistency of the provided data with the bank’s requirements. Let’s look at the most common mistakes when taking a video conference and the reasons for refusal to open an account.

Common mistakes during a video conference:

1. All sorts of technical problems, such as unstable or slow connections or problems with the camera, microphone, or other devices, may interfere with the successful completion of the procedure. But this is the most harmless thing that can happen because in this case, the video conference can be postponed. But if this situation is constantly repeated, service will be denied.
2. Unpreparedness of the client is the most common reason. In this aspect, we mean not only moral preparation but also documentary one. So, if the client has not prepared all the necessary documents in advance or they are in poor condition (damaged, unreadable), documents have damaged, dirt, or unreadable elements, if the data in the documents does not match the information specified during registration, all this can cause suspicion and lead to refusal.
3. Aggressive or inappropriate behavior by a client during a video call can also lead to denial of identification. Likewise, refusal to follow the instructions of a bank employee (for example, not showing documents on camera or not answering questions) can result in denial of identification.
4. Language barrier: You need to understand that most European banks communicate in English, and the documentation provided must also include a proper translation and, in some cases, an apostille.

Thus, the reasons for refusal to open an account may be the following:

• If the client has not provided complete information or documents necessary for identification and verification.
• If errors and inconsistencies are found in the submitted documents or information.
• If the bank suspects that the documents are fake or altered.
• If the client’s behavior or the data provided raises suspicions of attempted fraud.
• If the client does not meet the bank’s internal criteria (for example, financial status, citizenship, place of residence).
• If the client did not follow established procedures or instructions during the video conference.
• If the client has a negative credit history or debt.
• If the client does not comply with the requirements of anti-money laundering and anti-terrorist financing legislation (AML/CFT).

At the same time, we note that the bank is not obliged to disclose to you the reason for its refusal to cooperate and may send a negative response without explaining any reasons.

Recommendations for a video conference with a foreign bank

Based on the above, opening an account in a foreign bank with the support of professional lawyers is a reliable and effective way to ensure the successful completion of video identification. Working with experienced lawyers will help you prepare for a video conference, create an expected list of questions, prepare all the necessary documents, and ensure compliance with all bank requirements and the laws of the country where the account is opened.

Azola Legal Services lawyers will provide you with comprehensive support at all stages of the account opening process, from analysis of bank requirements and preparation of documents to representation of your interests and subsequent support. This will help you avoid many of the potential problems and risks associated with opening a foreign bank account and will ensure you have a successful outcome.