Solving banking compliance problems for an escort club
The challenge
A well-established escort site in an EU country where the practice is permitted was facing a critical problem: its bank accounts were being closed on a regular basis due to a lack of compliance documentation specific to the adult sector. This situation was jeopardising the continuity of the company’s operations and its reputation.
Our approach
Our approach
As compliance experts for the adult industry, we took a holistic approach to solving this problem:
– Full audit: We began with a thorough review of the company’s current practices and existing documentation.
-Identification of gaps: We identified missing documents and areas of non-compliance specific to the adult sector in Austria.
– Development of a compliance strategy: We developed a detailed plan to address these gaps, taking into account Austrian legal requirements and industry best practice.
– Documentation in place: We created and implemented all necessary documentation, including:
*Age verification policies
*Explicit consent procedures
*Data protection protocols
*Anti-money laundering (AML) policies
* Know Your Customer (KYC) procedures
– Staff training: We have trained the site team in the new privacy and data protection standards.
-Identification of gaps: We identified missing documents and areas of non-compliance specific to the adult sector in Austria.
– Development of a compliance strategy: We developed a detailed plan to address these gaps, taking into account Austrian legal requirements and industry best practice.
– Documentation in place: We created and implemented all necessary documentation, including:
*Age verification policies
*Explicit consent procedures
*Data protection protocols
*Anti-money laundering (AML) policies
* Know Your Customer (KYC) procedures
– Staff training: We have trained the site team in the new privacy and data protection standards.
Results
Thanks to our intervention :
– The site was able to reopen its bank accounts and maintain stable banking relationships.
– The company’s reputation was enhanced with financial institutions and regulatory authorities.
– The site adopted a culture of compliance, reducing future risks.
– The company saw an increase in customer confidence, leading to business growth.
– The company’s reputation was enhanced with financial institutions and regulatory authorities.
– The site adopted a culture of compliance, reducing future risks.
– The company saw an increase in customer confidence, leading to business growth.
Lessons learned
This experience underlined the crucial importance of a proactive approach to compliance in the adult industry. It demonstrated that with the right procedures and documentation in place, even businesses operating in sensitive sectors can maintain stable banking relationships and prosper.
