Distinguish source of funds from wealth
The FCA’s financial-crime guidance distinguishes the origin of particular funds from the way a person accumulated overall wealth. A bank statement showing a balance may not explain the activity that produced it. Prepare a clear chain from employment, investment sale or business receipt to the amount you intend to deposit.
For crypto proceeds, connect the original funding, exchange or wallet activity and eventual sale. Include the identities of relevant counterparties where known and explain missing records. A blockchain transfer proves movement between addresses; it does not automatically establish beneficial ownership or the commercial explanation for the funds.
Describe the proposed account honestly
Say whether the account supports personal investing, company operating expenses or a customer-facing financial service. Record expected sterling inflows, other currencies, transaction frequency and countries. Identify exchanges and payment partners by legal entity. The description should be specific enough for the bank to distinguish normal activity from an unexpected change.
For a business, provide ownership, management and relevant permissions requested by the institution. Separate customer funds from company money in the application design. Ask the bank which account structures and transfer types it will support, rather than assuming a standard business account is suitable for every part of the operating model.
Prepare for ongoing review
Customer due diligence includes understanding the relationship and monitoring its risk. Keep the application evidence current when beneficial ownership, volumes or services change. Assign responsibility for answering bank enquiries and retaining the supporting records, so routine questions do not depend on one founder’s memory or access to a single laptop.
Obtain written operational answers on accepted counterparties, payment references and transfer limits where the bank provides them. Maintain alternatives for legitimate operating needs without disguising the purpose of payments. A coherent file supports an assessment; it cannot guarantee account opening, continued access or approval of a particular crypto-related transfer.
Sources & scope
Official sources support the jurisdiction context. The working checklists are CryptoGov’s editorial preparation suggestions, not an exhaustive application or filing requirement. Confirm the rules and your circumstances before acting.