The clock actually starts ticking after the bank has received the completed bank account application. The account application must contain a number of documents and information from the beneficial owner. Of course, we can not influence the time taken by the client to fill these forms and to obtain these due diligence documents. In some cases the bank would ask for some clarifications or extra documents from the applicant. Then, obviously, it would take additional time until such information or documents are provided. All in all, it is difficult to determine an exact timeframe for the account opening, as it also depends on seasonality and workload at the bank’s compliance department. So, from the moment the application is with the bank, it can take from a couple of days to a couple of weeks for the bank to process it.
