I founded COREDO in 2016 with a very simple idea: entrepreneurs should have access to a predictable and secure infrastructure for international business. Since then the COREDO team has completed hundreds of projects in the EU, Asia and the CIS and has gone through the whole process with clients: from company registration to obtaining financial licenses and bank onboarding. This experience has shaped a resilient methodology in which legal architecture, taxation and compliance work as a single system.
Choice of jurisdiction and substance
The right jurisdiction, is not a flag on a website but the foundation of bank onboarding, tax resilience and operational speed. Our experience at COREDO has shown: a successful launch is built on three pillars – a transparent ownership structure (UBO), economic substance (substance) and a manageable tax position. If these three elements are aligned, AML compliance and onboarding turn into an operational procedure rather than a long due diligence cycle.
We start with the business model and the value chain. Where profit is generated, where the clients are located and where management is based — the answers determine the risk of a permanent establishment (PE) and the assessment of the company’s tax residency. When designing the structure I keep the impact of BEPS and MLI on bank onboarding in focus, the requirements for master file / local file under transfer pricing and the company’s readiness to justify intragroup pricing.
EU: Czechia, Slovakia, Cyprus, Estonia
In the EU the bank examines substance under a magnifying glass. Office, employees, contracts with key counterparties, on‑site management decisions: all this confirms economic activity and substance during onboarding. In Czechia and Slovakia banks value the predictability of financial reporting and the transparency of beneficial owner registers; in Cyprus and Estonia, the quality of AML policy/CFT, and in the UK, the maturity of corporate governance and PSD2 compliance for payment businesses.
COREDO’s practice confirms: in the EU registration is half the job, the other half: preparing for CRS and FATCA, setting up TP documentation and monitoring related activity. We pre‑agree corporate documentation with the bank (incorporation documents, contracts, bank transactions for the pilot period) and explain the economic rationale of the structure. This reduces the risk of account opening refusals on the grounds of «nominee shareholders» or breaks in the ownership chain.
Singapore and Dubai: Asia and the Middle East
Singapore and Dubai are about speed and technological sophistication, but also about impeccable compliance. In Singapore the regulator MAS expects well‑thought‑out KYC/KYB, and when licensing under the Payment Services Act — advanced AML procedures and fraud monitoring. In Dubai, whether VARA for crypto or DFSA in DIFC for investment services, the emphasis is on governance, risk & compliance and on how the company manages the risk appetite framework.
The COREDO team builds onboarding in Singapore and UAE banks through early dialogue with compliance officers: we show sources of funds (source of funds), transactional logic, sanctions screening and KYT plans. This accelerates international bank onboarding and increases trust in the client even before submitting the application.
Coordinating structures in CIS countries
Companies from the CIS often go to the EU or Asia to access payment infrastructure and investors. To avoid questions on tax Due Diligence and reputational risk, we build corporate transparency from the start, register the UBO in relevant registers and prepare cross‑verification of documents (cross‑check) for bank compliance teams. The solution developed at COREDO is a multi‑jurisdictional scheme where management residency and tax obligations are calculated and demonstrable.
Licenses: crypto and payment institutions
Licensing, is a check of business maturity. Banks infer from the license and regulatory status the quality of your AML system/KYC and the resilience of the business model. I always synchronize the license project with the future onboarding so that “taxes and compliance” are integrated at the process level, not added afterwards.
Crypto/DLT: licenses and regulations
In the EU crypto services are registered as CASP in Cyprus (CySEC) or under tightened rules in Estonia. In the UK crypto companies register under the MLRs with the FCA, and in Singapore obtain DPT licenses from MAS. In Dubai VARA is responsible for VASPs with a focus on EDD, sanctions screening and PEP risk management. Our cases show: banks accommodate crypto clients when they see a mature AML framework, EDD and CDD procedures in onboarding, and proven control of transaction history.
EMI/PI, banking and forex licenses
EMI/PI in the EU under PSD2 require strong governance and reliable correspondent banking relationships. Forex businesses like CIF in Cyprus or under the FCA in the UK are full MiFID processes, including market abuse controls and records of communications. The COREDO team builds licensing so that AMLD5/6, GDPR and local regulations are embedded into operational SLAs and measurable through compliance KPIs.
PSD2 sandboxes, correspondent relationships
A sandbox for financial innovation, an opportunity to test a model and gather “evidence of viability” for a bank. We use PSD2 integrations to access payment data and for early calibration of fraud monitoring. This reduces cost per onboard (cost‑per‑onboard) and speeds up time‑to‑onboard, because the bank’s compliance has fewer questions about data quality and automation of controls.
Onboarding: AML and Tax Compliance
I treat bank onboarding as a project with defined stages, SLAs and responsible parties. When AML and tax due diligence run in parallel, the risk of “sudden” requests from the bank falls sharply. The solution developed at COREDO is a unified AML+Tax compliance matrix that answers the bank’s key question: what do you know about the client, their tax history and the real economics of the business.
KYC/KYB, CDD/EDD and UBO verification
The bank starts with basic identification and legal cleanliness. We prepare a KYC/KYB package where UBO (beneficial owner) verification relies on public and private registers, notarized confirmations and logical ownership chains. For structures with trusts and nominee arrangements we pre-form a written disclosure, confirm ownership rights and beneficial economic interest, and demonstrate how banks verify ownership chains and nominee shareholders.
Common Reporting Standard/Foreign Account Tax Compliance Act/Base Erosion and Profit Shifting/Multilateral Instrument/Directive on Administrative Cooperation (DAC6)/Permanent Establishment/residency
I have integrated a separate module for CRS and FATCA into the onboarding: self-certification forms, assessment of the tax residency of the company and beneficiaries, and a data exchange policy. We analyze PE risk, the impact of BEPS and MLI on profit allocation, and for cross-border schemes we check whether a transaction falls under DAC6 as potentially reportable. This approach closes the bank’s “taxes and compliance” questions before they arise.
Tax due diligence and transfer pricing
AML onboarding: PEP, sanctions screening
Advanced banks check not only individuals and directors but also related activity. We perform sanctions screening, mitigate PEP risks through connection segmentation and product restrictions, and document the verification of source of funds. Built-in KYT helps explain control over transaction history during the initial client check, and also sets the framework for post-onboarding monitoring and filing SAR/STR on suspicious transactions.
Documents and digital ID: eIDAS, GDPR
digital identification and eIDAS save weeks when the bank accepts qualified e-signatures. We use OCR to read documents, biometric verification and liveness checks, and consent for personal data processing and the GDPR policy are written clearly and transparently. File reporting and evidence storage (audit trail) ensure that any compliance question can be closed by referencing the system log and supporting files.
Tax review during bank onboarding
I link CRS/FATCA data with KYC through a unified questionnaire and set of attributes. This allows the bank to see the tax position immediately and, if necessary, request EDD selectively rather than “at random”. As a result, onboarding time (time-to-onboard) decreases and compliance with AML requirements and tax requirements increases without overburdening the client with documents.
Onboarding risks and SLA
Onboarding is a managed process. I set SLAs for each stage, assign owners and measure results using onboarding KRI/KPI. This approach disciplines both the client and the bank: everyone has a shared understanding of where we are and what has been done.
Risk scoring, risk appetite, KRI/KPI
We assess client risk and risk scoring across several elements: jurisdiction, industry, complexity of structure, sanctions indicators, and tax history. The risk appetite framework defines which combinations of factors are acceptable and which require EDD. I track KRIs (delays, number of escalations) and KPIs (time‑to‑onboard, cost‑per‑onboard) to identify bottlenecks and address them promptly.
API automation, ID vendors, ROI
Automation of KYC/KYB and tax control through API integration with ID verification vendors produces a noticeable effect. We calculate the return on investment (ROI) of implementing automated compliance not by feel but by the reduction of manual checks and decreased bank declines. Support for scaling onboarding processes includes automatic sanctions monitoring, fraud alerts, and an appropriate response to changes in the risk profile during post-onboarding.
Corporate client onboarding case studies
International data exchange requirements
International transparency is the new norm. I design processes so that requests from regulators and tax authorities are not a surprise, but fit into the client’s and the bank’s standard operating procedures.
CRS and EOIR information exchange practices
CRS and automatic exchange are the ongoing norm, while information exchange on request (EOIR) may require extended explanations. We prepare clients for regulatory notifications and interactions with supervisors through careful documentation and supporting materials. This helps avoid escalations and speeds up the resolution of requests.
Beneficial ownership registers, nominees, trusts
The role of corporate transparency and beneficial ownership registers in onboarding cannot be overstated. Banks check beneficiary registers, reconcile data with corporate records and expect disclosure of nominee arrangements. For structures with trusts we provide trust declarations, protector letters and benefit distributions so that no grey areas remain for the bank.
Impact of sanctions lists on geo-risk
Sanctions lists and flag indicators of risky jurisdictions significantly influence the decision to open an account. I prefer to assess geo-risk in advance and potential restrictions on products and payment corridors, including dependence on correspondent banking relationships. An honest conversation about risks saves time and preserves the reputation of all parties.
COREDO case studies: mistakes and solutions
There are many examples, but I chose three that best illustrate COREDO’s approach to the complex challenges of onboarding and licensing.
Accelerating the onboarding of a fintech company in the EU
A fintech client with an EMI license faced an extended review due to an ambiguous TP policy and incomplete CRS/FATCA documentation. We performed an express-AML audit/Tax, built a combined AML and tax compliance matrix for banks, and integrated CRS/FATCA data into the KYC process via API. As a result, the bank reduced the number of additional requests, and time-to-onboard was shortened from eight weeks to three.
Substance of an offshore holding company
An investment structure with a holding in the EU and operating companies in Asia was rejected because of questions about substance and economic justification. The COREDO team developed a plan to strengthen substance: office, management functions, contracts with key suppliers, and an explanatory note on the allocation of functions and risks. After updating the master file/local file and re-submitting, the bank approved the onboarding, and the client passed EDD without delays.
Reasons for rejections due to tax risks
Common reasons for rejections: discrepancies in UBO disclosure, lack of evidence of source of funds, and incomplete TP documentation. I apply preventive measures: stress-testing the client’s tax compliance, simulating bank questions, and a review of the agreement with key counterparties. Such an audit shows what fines the bank and the client may face in the absence of tax compliance and how to adjust processes before submission.
Checklists and action templates
Checklists are not bureaucracy but a way to reduce risk and speed up work. Below are three sets I recommend using before onboarding.
Tax-legal compliance during onboarding
- Check residency and PE risk. Assess where key management decisions are made and prepare evidence of presence (substance).
- Prepare CRS/FATCA self-certifications. Ensure that UBO and controller data are consistent with corporate registers.
- Update TP documentation. Verify that the master file/local file correspond to actual flows and applied pricing methods.
- Conduct sanctions and PEP screening. Record the results and the response measures to identified risks in the risk register.
- Set up GDPR processes and consents. Describe how you store KYC data, retention periods and access for the audit trail.
Onboarding document package
- Incorporation documents, shareholder register, and UBO confirmation. Add notarizations and translations if the bank expects them.
- Agreements with key counterparties and confirmation of payment logic. Attach invoices and bank remittances for pilot transactions.
- AML/CFT, KYC/KYB policies and EDD/CDD procedures. Show how you perform supplier and counterparty checks and manage risks.
- Tax due diligence and TP review. Prepare a short memo with key findings and a risk map.
- Financial statements and business plan. Justify the economic model, sources of financing and transactional activity forecast.
Shorten onboarding without harming compliance
- Agree the risk profile with the bank before submission. Discuss the geography of payments, sanctions restrictions and correspondent corridors.
- Use digital identification and eIDAS. Clarify whether the bank accepts e-signatures and remote verification of directors and UBO.
- Implement KYC automation and OCR. Prepare data in structured form and ensure recognition accuracy.
- Split the document package into stages. Give the bank the necessary minimum at the start and prepare answers to EDD questions in advance.
- Assign responsible parties and SLAs. Record response times, the communication channel and the escalation procedure on the client side and COREDO.
How COREDO organizes support
Complex projects require clear roles and disciplined execution. I design the process so that every participant understands their area of responsibility and the quality criteria for the outcome.
Role of the internal AML/Tax officer
The internal AML/Tax officer is responsible for the client’s compliance architecture and for dialogue with the bank. The COREDO team strengthens this role with methodology, templates and training, and also helps calibrate risk scoring and implement KRI/KPI. Such a tandem speaks to the bank in one language: “compliance and onboarding” become a joint project with shared responsibility.
Aligning the company structure with the bank
Structure alignment is a separate stage. I provide the bank with a brief note on the structure, UBO, substance and tax position, with visual diagrams of ownership chains. This reduces the likelihood of disputed interpretations, helps the bank assess the economic rationale of the company’s structure, and speeds up decision-making.
How to manage scaling and growth
As you grow, new jurisdictions, product lines and investment structures emerge. COREDO’s practice confirms: regular review of the risk appetite, policy updates and support for automated KYC/KYB platforms prevent the accumulation of compliance debt. We support scaling without increasing regulatory risk and while keeping onboarding SLA at an acceptable level.
How to structure the next step
International bank onboarding is not about ‘just passing a check’, but about building a system that the bank, the regulator and your partners trust. I always start with the business model and tax architecture, then add licensing and only after that proceed to submitting an application to the bank. This order reduces risks, speeds up approvals and makes the process predictable.
If you plan to register a company in the EU, Singapore or Dubai, obtaining a license for crypto, payments or forex, or are preparing for a multi-jurisdictional onboarding of a holding, engage expertise in advance. The COREDO team is used to solving tasks comprehensively: from designing the structure to setting up AML/KYC, integrating CRS/FATCA data and preparing for post-onboarding monitoring. I see my role as ensuring your growth goes hand in hand with strong compliance, and that bank onboarding becomes a source of trust rather than a factor of uncertainty.