Business bank account for precious metals and bullion dealers with a UK limited company

Our process begins with a structure check of your UK Limited company, reviewing director and UBO residency, source of wealth, and expected payment flows. We then assemble a comprehensive KYB package that presents your bullion business in a format that bank and EMI compliance teams require. This includes your AML policies, supplier contracts, and proof of any required registrations.

Based on this verified profile, we match you with appropriate financial institutions that have an appetite for the UK precious metals sector. We manage the introductions, prepare you for compliance interviews, and handle follow-up queries to streamline the process. After the first account is live, we can scope a second provider for redundancy.

Compliance teams focus on five key areas for bullion dealers. First is the ultimate beneficial owner's source of funds and source of wealth, which must be clearly documented. Second, your business plan, financial projections, and expected transaction geography will be scrutinised to understand your risk exposure.

Third, underwriters will verify your supplier contracts and any required registrations for anti-money laundering supervision. Fourth, they assess the substance of your UK operation, particularly the physical location of company management. Finally, they will examine your AML and compliance policies to ensure they are robust enough for the risks associated with precious metals, such as their cash-like nature and price volatility.

Using a UK limited company provides access to a strong domestic market of FCA-authorised EMIs, which are often more receptive to high-risk sectors than traditional high street banks. Accounts can typically operate in GBP, EUR, and USD. The UK's clear corporate registry at Companies House, with its public register of Persons with Significant Control (PSCs), adds a layer of transparency that providers value.

However, institutions look closely at genuine UK substance; an empty registered office with directors located elsewhere is a red flag. While a UK entity is generally well-regarded, non-resident directors can limit options, making specialised placement essential. The process is typically more straightforward than with entities in jurisdictions like Cyprus, which often face greater scrutiny.

Accounts for precious metals dealers are often rejected for reasons that a well-prepared file can prevent. The most common issue is a poorly documented source of funds or an inability to verify the origin of the bullion. We refuse to work with any client who cannot provide clear, verifiable provenance for their metals. Another major red flag is a mismatch between the business activity described and the actual transactions that occur.

Closures happen when unexpected payment patterns trigger a review, such as sudden high-volume trades or flows involving high-risk jurisdictions not mentioned during onboarding. A weak AML policy or the appearance of a UK shell company with no real substance is another primary cause for decline or termination.

For a well-prepared UK bullion dealer, securing a business account typically takes between 2 and 8 weeks. The timeline varies based on the institution's complexity and the UBO's profile. Onboarding involves submitting the complete KYB file we prepare, followed by a compliance interview with the provider.

Once your account is live, maintaining it depends on operational transparency. You must adhere to the business activities and transaction patterns outlined in your application. Any significant changes, such as introducing new suppliers, dealing with new countries, or a substantial increase in volume, should be communicated to your provider proactively. Regular, open communication prevents your account from being flagged for unexpected activity.