Gaming Companies are finding it complex to maintain a long-standing relationship with commercial banks. This trend is due to various factors. Derisking, as well as simply not understanding the risks involved, has made Gaming Companies the prime target. Banks across the EU have been closing down operational bank accounts for gaming companies, leaving some exposed to issues. Such unannounced closing down of bank accounts for gaming companies pose a huge operational risk for their operations.
At E&S Group we have identified that operational bank accounts would be an issue for our gaming clients. We have spent over a year creating various relationships with EU banks as well as payment institutions. This also involved educating them on the operations of gaming companies’ bank accounts. We now have over 15 banking and payment institutions options for a gaming company to open an account.
Timeline for opening a gaming company’s bank account
Over time, we have build a relationship with banks that allows us to identify what information the bank would require on the operations of a gaming company. Through this relationship, we can assist gaming clients in a relatively fast bank opening procedure. The time taken from when we get all the required info and documents until the opening of the account can vary. This usually takes between 1-4 weeks depending on the institution chosen. Opening an account with an EMI (Electronic Money License) usually takes less. Just As much with gaming companies.
How can we help?
Banks consider the gaming industry as high risk for AML purposes. The holding of Bank accounts for gaming companies, by banks requires more attention than other industries. This, however, does not immediately translate into higher risk for banks. At E&S we assist our gaming clients to immediately give all the information the bank would require when opening a bank account. This is done through our extensive knowledge of risk and how to interpret it. With all the information provided promptly, the time spent to open a bank account diminishes drastically. Also, the bank, would feel more comfortable when opening an account for a gaming client.
E&S is here to assist in finding the most appropriate banking solutions for you and your business. Our team continues to develop strong business relations with numerous EU and Non-EU licenced banks and EMIs so that our clients are offered peace of mind when looking to open an operational account. Our services and expertise include:
- Identify banking solutions that fit your gaming company.
- Banking solutions for Gaming Companies through local and EU banks, EMIs and payment gateway providers.
- Set up meetings and calls with the chosen banks; and
- Compilation and reviewing of gaming bank account opening documentation;
From our growing banking and EMI network, some of the services provided include:
- Banks that accept high-risk industries and activities;
- Online banking;
- Credit Cards and Prepaid Cards;
- EUR, USD, GBP plus other currencies;
- Personalised real and virtual IBAN in the company name;
- No or Low e fee on transactions;
- SEPA and SWIFT; and
- API integration.
Dr. Jacob Daniel Portelli
Jacob joined E&S Group as a legal trainee in March 2018. Prior to joining E&S Group, Jacob had interned at a leading law firm in Malta, assisting in criminal, family and civil law matters. Jacob holds a Bachelor of laws with Honours and a Master of Advocacy degree from the University of Malta. Jacob completed his studies with a legal paper on Investor Protection in Financial Services. He has also completed a Master’s degree in International Business and Corporate Finance Law at the Liverpool John Moores University with a dissertation on Anti-Money Laundering Legislation and Cryptocurrency within the European Union. Jacob has been greatly involved in student organisations, previously occupying the role of President of the Malta Law Students’ Society, Education Commissioner of the National Students’ Council and the Faculty of Laws Student Representative. Jacob was also a Board Member of the Refugee Appeals Board. Jacob is now focusing on client relations and business development to help maintain a holistic relationship between E&S and its clients.
Jacob is fluent in English and Maltese.
Phone:+356 2010 3020
An accountant by profession, Karl spent 10 years working for a reputable audit firm in various audit roles before joining JP Morgan Chase in London in 2005, specifically working in Credit Hybrid Derivatives. He then returned to Malta to head the corporate finance arm of a local audit firm. In 2009, together with Christian, he was one of the founding members of a Corporate Services Provider in Malta, leaving to set up E&S Consultancy in 2010. Karl heads E&S’ ICO and Tokenomics department, however, his competences include advising and assisting in all MFSA licensing processes, accountancy, Token structuring, iGaming, and all aspects of corporate finance.
Karl is fluent in English, Italian, Maltese.
Phone:+356 2010 3020
Dr. Deborah Vella
Deborah graduated as Doctor of Laws in 2015, admitted to the bar in 2017 and has been working with E&S Group for the past six years within the Corporate and Legal Department. Her main areas of practice are corporate and commercial law. Deborah also takes particular interest in gaming, employment, residency matters and intellectual property issues. In the professional field, she is subscribed as a member of the Malta Chambers of Advocates and the Malta Institute of Taxation where she has read the Professional Certificate of Taxation. In 2017, she took a managerial role within E&S Group heading the corporate team. Her responsibilities were managing and supervising the corporate team, as well as assisting with legal expertise and client relationships together with the Board of Directors. In the first quarter of 2019 Deborah continued to exercise her abilities and corporate expertise by heading also the Corporate Legal Team.
In light of the above, the Directors have promoted Deborah to be the Client Relationship and Business Development Manager (CRM) of E&S Group. Whilst she will continue to be of support towards the corporate and legal team within the firm, her main focus will shift to being the interface with top tier clients and ensuring that such are serviced in the best possible way. Deborah will nonetheless continue to oversee and supervise all that is related to gaming, employment and IP. As the company’s CRM she will also be engaged in a business development role which involves the planning and executing of offline business development and marketing for the Group.
Deborah is fluent in English and Maltese with a proficient understanding of Italian.
Deborah specializes in corporate, commercial, restructuring, gaming, tax, IP and private client matters.
Phone:+356 2010 3020