Can I Open a Swiss or Monégasque Private Bank Account Remotely?

Yes. A private bank account can be opened remotely in both Switzerland and Monaco, because the identification, the due diligence and the signature of the account documents can all be completed without the client travelling, provided each step is done in the form the regulator accepts. Whether a given bank agrees to do so for a given client is decided case by case.

What changes between the two countries is the mechanics: Swiss banks work under a FINMA circular that sets out exactly how video identification and online identification must be carried out, while Monaco relies on certified documents, its own supervisor and, at some institutions, a meeting before the account is activated. The sequence below describes what actually happens, step by step, for a client whose wealth is of crypto origin.

What Swiss Law Allows When You Open an Account Remotely

Swiss law allows a bank to identify a new client without meeting them, but only through methods that FINMA has described in detail. The obligation itself comes from the Anti-Money Laundering Act, which requires every financial intermediary to verify the identity of the contracting party and to establish the beneficial owner before a business relationship begins. The circular sets out how that verification can be done at a distance.

Video identification and online identification

• Video identification is a live session with a trained agent, during which the passport or identity card is shown to the camera, its security features are checked and the recording is kept on file
• Online identification relies on photographs of the identity document and a liveness check, and must be backed by further evidence such as a transfer from an existing bank account held in the applicant's name
• Both methods are treated as equivalent to identification in person, as long as the process follows the conditions in the circular
• The rules are published by FINMA among its circulars for supervised institutions, where Circular 2016/7 is listed under anti-money laundering

Identification by a regulated intermediary and the bank

Swiss AML rules also allow a bank to rely on identification and due diligence performed by another supervised financial intermediary. The intermediary performs a formal video identification on a recorded Zoom call, during which the client shows their passport, and the bank then performs the same process.

Certified copies, notarisation and apostille

• Where no video session takes place, the passport copy must be certified as a true copy by a notary, a lawyer, a consulate or a bank
• Documents issued outside Switzerland may need an apostille under the Hague Convention, which both Switzerland and Monaco have joined
• Corporate documents follow the same logic, with certified extracts of the commercial register and signatory lists

The Remote Onboarding Sequence, Step by Step

The remote process runs in five steps, and the order matters more than the location of the client. Each step produces something the next one depends on, so a file that skips ahead is usually sent back.

Step 1: Pre-assessment of the file

Before any bank is approached, the profile is assessed for eligibility: jurisdiction of residence, activity, size of the position and whether the crypto history can be evidenced. For a holder of digital assets, this is where the wallet is screened and the transaction history reconstructed, which is described in our explanation of how a wallet is checked before a bank sees your identity. Nothing is sent to a bank until this stage is complete.

Step 2: The document pack

• Proof of identity: a valid passport, with a certified copy if no video session is planned
• Proof of address: a utility bill, a bank statement or a tax notice, dated within the last three months
• Source of funds: the origin of the specific amount that will be deposited, with exchange records and on-chain evidence
• Source of wealth: how the overall wealth was built over time, which is a broader question than the deposit itself
• For a company account: certificate of incorporation, register extract, list of directors and beneficial owners, board resolution

The distinction between the deposit and the overall wealth is the point where most remote files stall. Source of funds concerns the transaction; source of wealth concerns the whole accumulation history, and the bank will ask for both. When it comes to cryptocurrency-origin funds, we typically ask to see:

• Current and past wallet addresses (satoshi test or message signature performed to demonstrate proof of control)
• Read-only API keys of the exchanges used for trading (if available)
• Salary slips or other proof of income at the time of the initial purchase (if applicable)
• Proof of cryptocurrency income
• Mining hardware receipts (if applicable)
• Proof of participation in an ICO (if applicable)
• SAFT agreement (if applicable)

Step 3: The video identification session

The session is scheduled once the pack is complete, and it takes between 5 and 10 minutes. The applicant shows the identity document to the camera, answers a short set of questions and confirms the information already provided. The recording is retained by the identifying institution. This formal video identification process must be done with the intermediary and the bank.

Step 4: Signing the account documents

• Swiss banks increasingly accept a qualified electronic signature, which has the same legal effect as a handwritten one under Swiss law; many of the partner private banks that Altcoinomy works with have implemented an option for electronic signatures
• Where original signatures are required, the documents are sent by courier and returned the same way, which adds 5 to 10 business days. This is typically done with more traditional private banks, which have not implemented electronic signatures

Step 5: Activation and first funding

The account is activated once the compliance review is closed and the signed documents are in. The IBAN and SWIFT details are then issued, and the first deposit is expected within the window the bank has set. For crypto-origin wealth, the first deposit is the fiat leg of a conversion that has been pre-cleared with the bank, which is the mechanism described in our guide to converting crypto to fiat through an OTC desk. A transfer that arrives without this pre-clearing is the most common cause of a freeze.

What Monaco Adds to the Process

Monaco follows the same anti-money laundering logic as Switzerland, but with its own supervisor, a different currency environment and a stronger habit of meeting the client. The remote route exists; it simply passes through more paper and, at some banks, one appointment. The benefit of going with Monaco is that our partner private bank will help you obtain Monégasque residency.

The AMSF and the grey list context

Monaco's banks are supervised for anti-money laundering purposes by the Autorité Monégasque de Sécurité Financière, the AMSF. The Principality remained on the FATF list of jurisdictions under increased monitoring, commonly called the grey list, as at 19 June 2026, even though 39 of the 40 technical recommendations are assessed as compliant or largely compliant. In practice this means Monaco banks apply enhanced checks to non-resident applicants and document their decisions more heavily than they did before 2024. This has caused the minimum deposit to increase from EUR 2M to EUR 5M for profiles with cryptocurrency-origin wealth, which can be seeded in tranches of USD 25,000 equivalent.

Euro accounts and correspondent banking

• Monaco uses the euro, and its banks are mostly subsidiaries or branches of French, Swiss and Italian groups
• Incoming USD transfers pass through a correspondent bank, which performs its own screening of the payment

Where a physical meeting is still asked

Several Monaco banks ask to meet the client once before activation, even when the identification has already been completed remotely. This is a commercial practice rather than a legal requirement, and it is negotiated case by case, usually for larger relationships or where residency in the Principality is being considered at the same time. The broader picture, including what the bank examines and how it links to residency, is covered in our article on Monaco residency and private banking with crypto wealth.

Where Remote Opening Stops or Depends on the Bank

Remote opening is a method, not an entitlement. A bank may insist on a meeting, ask for additional documents or decline, and it will not always say why. The profiles below are the ones where the remote route is most often narrowed.

• Politically exposed persons and their close associates, for whom enhanced due diligence and senior management approval are required
• Residents of jurisdictions the bank classifies as high risk, where a meeting or a local reference is frequently requested
• US persons, who fall under FATCA reporting: many Swiss and Monaco private banks decline them altogether, while others accept them through a dedicated desk
• Applicants whose source of wealth cannot be evidenced, whatever the method of identification
• Relationships above a size that triggers a credit committee or board review, which some banks prefer to open in person

None of these is specific to crypto. What crypto adds is the source of wealth question, which is why the preparation described in our article on why you do not need to come to Switzerland to bank here matters more than the video session itself. That article covers the reasoning; this one covers the mechanics.

How a Regulated Intermediary Carries the Identification

A supervised Swiss intermediary performs the identification, the due diligence and the reconstruction of the crypto history, then presents the completed file to a private bank whose risk appetite matches the profile. The bank reviews a documented file from a regulated counterparty instead of investigating an individual application from scratch, which is the single largest factor in whether a remote application is accepted.

Altcoinomy SA, CHE-209.239.695, is a Swiss financial intermediary supervised by the VQF under the Anti-Money Laundering Act, audited by BDO SA and based in Geneva since 2017. The compliance responsibility for the file sits with us rather than with the bank, which reduces the bank's own risk and increases acceptance. We are neither a bank, since we take no deposits, nor a standard OTC desk: those stop at fiat conversion, and we pick up where they leave off, through to the introduction at one of our partner private banks in Switzerland or Monaco.

Timelines and thresholds

• Intake and compliance review at Altcoinomy: 5 to 15 business days from a complete document pack
• Bank-side review after the file is presented: varies by institution, longer where a committee decision is needed
• Account openings from USD 1,000,000 upwards in Switzerland, which can be seeded in tranches from USD 25,000; EUR 5,000,000 in Monaco
• Currencies settled: CHF, EUR, USD, GBP, AED and ILS; assets handled: BTC, ETH, USDC, USDT, SOL, HYPE, XRP and other liquid tokens (top 100 by market cap)

The full chronology of what a Swiss bank checks once the file is in its hands is set out in our description of the KYC and AML process at a Swiss private bank. The remote route does not shorten that review; it removes the travel, not the scrutiny.

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alt.co is a Geneva-based, Swiss-regulated financial intermediary (Altcoinomy SA) supervised by VQF and audited by BDO SA. We help crypto holders access private banking in Switzerland and Monaco.

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