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By Alexis BOUVET, Counsel and Corina MOROSANU, Associate, Baker McKenzie
In recent years, it has become increasingly difficult for start-ups as well as small and medium-sized companies (“SMEs”) to open bank accounts in Luxembourg with traditional banking institutions (“Account Banks”) notably as a result of enhanced due diligence and anti-money laundering requirements.(1) This complex issue has taken on added significance as certain banks have simultaneously closed thousands of accounts over the past years from several start-ups, fintech companies, but also certain investment funds.(2)
Faced with this increased regulatory pressure and the difficulty of opening bank accounts with Account Banks, a substantial number of companies have turned to...
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