Why Opening a Bank Account in Malta Takes So Long

When setting up a company, opening the bank account is often the biggest bottleneck in the process. At DW&P Dr. Werner & Partners, we are in contact with various Maltese banks every single day, whether we are clarifying terms for existing clients or initiating applications for new ones. We know the corporate relationship managers well. However, even though we manage expectations right from the start—warning clients that the process takes time—we frequently get asked: "Is everything okay? Why is it taking so long?"

The Documentation Required for a Corporate Account

If you are used to walking into your local high street bank back home and sorting everything out in minutes, you will find the process here quite different. In Malta, it simply doesn't work that way—and for good reason.

Maltese banks are bound by stringent regulations. Under "Know Your Client" (KYC) rules—which we as a corporate service provider must also adhere to—banks are required to gather extensive information about their customers. Why the strictness? It comes down to Malta’s robust Anti-Money Laundering (AML) legislation. To meet international standards and ensure full legal compliance, banks here leave no stone unturned.

We will often request a bank reference letter from your current bank back home. Certified copies of your identification documents are also mandatory. Fortunately, our team can handle the certification of these documents for you directly when you visit our offices in Sliema for a meeting.

Why Strict Compliance Takes Time

I completely understand why clients get impatient. You need a corporate account to process transactions and get business moving. However, the principle that applies to forming a Malta Limited applies to banking too: it must be done correctly from day one.

Sometimes, doing things right means accepting a longer timeline. It takes time for compliance teams to review every document and run the necessary background checks. But the result is worth the wait: a solid, compliant Maltese company structure that stands up to scrutiny from tax authorities and financial institutions alike.