Neo bank Bunq has submitted a formal application to the US Office of the Comptroller of the Currency (OCC) for a de novo banking licence to introduce its banking services in the US.
According to Bunq, prospective users in the US will have the option to open both US and European checking accounts if eligible.
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The bank also said it will allow new arrivals to use their European financial records to help establish credit histories in the US.
This move comes soon after Bunq received approval from FINRA for a broker-dealer licence.
The challenger bank began seeking a US banking licence in 2023 and subsequently obtained the broker-dealer authorisation.
Bunq’s application for a US banking licence coincides with continued expansion efforts elsewhere, including an EMI licence application in the UK and recent growth in user numbers globally.
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By GlobalDatabunq CEO and founder Ali Niknam said: “Our users are building their lives across borders, so they need a bank that is safe, secure and easy to use, wherever they are.
“We want to give them the freedom to live the way they want, whether they’re heading to America, coming to Europe, or moving between both.”
In August last year, the Dutch Central Bank (DNB) issued a €2.6m (then $3m ) fine against Bunq due to “serious” shortcomings in anti-money laundering procedures.
The DNB investigation found that Bunq failed to comply with The Anti-Money Laundering and Anti-Terrorist Financing Act during the period from January 2021 to May 2022.
Bunq currently operates in over 30 European countries and provides services in 38 different languages.
