Transferra Records Increased Corporate Demand for Multi-Currency Services Amid Institutional De-Risking

Transferra, a UK Financial Conduct Authority (FCA)-authorised Electronic Money Institution (EMI), announced that it has recorded increased demand for its multi-currency business account services from companies experiencing difficulties accessing financial services through traditional banking providers. According to the company, the increase reflects growing demand from UK-based and internationally structured businesses that have experienced account closures or declined applications from mainstream financial institutions. Businesses operating in sectors including logistics, commodities trading, food supplements, and real estate, as well as companies with multi-jurisdictional ownership structures, have been among those seeking alternative banking solutions, amid tighter risk management practices following heightened regulatory scrutiny of financial crime controls across the sector. "A number of the businesses approaching us have straightforward, legitimate operations, but their structure doesn't fit a standard template used by larger providers," said Alexey Reshko, Chief Operating Officer of Transferra. "An unusual structure does not necessarily indicate elevated risk." UK banks have faced increased compliance obligations in recent years, including expanded requirements around anti-money laundering controls and beneficial ownership verification. In response, a number of institutions have reduced their exposure to entire categories of business rather than assess individual client risk, a practice commonly referred to as de-risking. The Financial Conduct Authority (FCA) has previously raised concerns about the impact of de-risking on legitimate businesses, noting that b...