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@ -2,8 +2,8 @@ Private banking is a set of financial and banking services typically offered to
If you are looking for a safe and reputable bank for wealth management or other private banking services, the Confidus team can help you find the most efficient solution for all your needs.
**Opening a private bank account
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Opening a private bank account
When discussing the key differences between a private bank account and other types of accounts, it is important to point out the additional requirements and general procedure for opening an account with a private bank. The main requirement for opening a private bank account is a substantial amount - while the lowest minimum deposit is around $ 250,000, some banks require $ 5,000,000 in deposits before you can open a personal bank account.
Opening a personal bank account requires a certain amount of paperwork and a procedure will be followed. While the main condition for opening a private bank account is the deposit of a certain amount of money, there are cases when applicants are denied a private bank account for other reasons. Every year around 5% of applications are rejected due to suspected fraud or illegal activity. To avoid accepting funds generated through arms or drug trafficking, or other illegal activities, private banks go through rigorous risk and compliance procedures mandated by regulators to verify the identity of the prospect and the source of the funds . The beneficiary of the funds must also be identified.