Why Was My Account Opening Request Refused?

At Sogexia, we aim to provide everyone with access to simple and effective financial services. However, in some cases, an account opening request may be refused. Below are some common reasons that could explain this situation and possible solutions.

1. Incomplete or Incorrect Identity Verification

When opening an account with Sogexia, it is essential to provide valid identity documents. If the documents submitted are incomplete, illegible, expired, or do not meet legal requirements, the request may be refused. This can include:

  • An expired ID card or passport.

  • A blurry or poorly framed photo of the document.

  • Information that does not match the details provided during registration.

For business accounts, it is crucial to identify and submit all documents relating to beneficial owners and your company structure.

What can you do?

Ensure that you submit valid and clearly legible identity documents. Also, check that all information provided during registration is accurate and up to date.

2. Incorrect Personal Data

If the details entered during your registration are incorrect or inconsistent, this may lead to the refusal of your request. This can include errors in fields such as name, address, or date of birth.

What can you do?

Carefully verify all your personal information before finalising your request. Any mistake can delay or compromise your account opening.

3. Residency in a Non-Eligible Country

Sogexia is available only in certain countries. If you or a person considered a beneficial owner reside in a country not covered by our services, your account opening request will be automatically refused.

What can you do?

Check whether your country of residence is eligible for Sogexia services before proceeding with account opening.

4. Specific Case of “U.S. Persons”

Sogexia does not accept account opening requests from “U.S. Persons” due to international tax and legal regulations, particularly FATCA (Foreign Account Tax Compliance Act). “U.S. Persons” include:

  • Any individual residing in the United States of America;

  • Any entity or company organised or registered under U.S. law;

  • Any estate where the executor or administrator is a “U.S. Person”;

  • Any trust where at least one trustee is a “U.S. Person”;

  • Any agency or branch of a non-U.S. entity located in the United States;

  • Any account managed without a discretionary mandate by a financial intermediary or other authorised representative established or residing in the United States;

  • Any account managed with a discretionary mandate by a financial intermediary or other authorised representative established or residing in the United States;

  • Any entity or company organised outside the U.S. but established by a “U.S. Person” mainly for investing in unregistered securities under the U.S. Securities Act of 1933.

5. High-Risk Profile According to Regulations

As a financial institution subject to anti-money laundering and counter-terrorism financing regulations, Sogexia conducts thorough verifications on all new clients. If your profile presents elements that pose risks under these regulations (such as a history related to suspicious financial activities), your request may be denied.

Additionally, to ensure the security and compliance of our services, certain activities are strictly prohibited on Sogexia accounts. Find the list of prohibited activities here.

What can you do?

If you believe this refusal is due to an error, contact Sogexia customer service for further information and, if necessary, provide additional documents to clarify your situation.

6. Minimum Age Requirement

Sogexia requires all clients to be at least 18 years old. If you do not meet this age requirement, your account opening request will be automatically refused.

What can you do?

You can wait until you reach the required age and submit a new request once this criterion is met.

7. Technical or Administrative Issues

In some cases, technical or administrative issues may lead to the refusal of a request. This can be related to temporary service interruptions or errors in the validation process.

What can you do?

If you believe your request was refused due to a technical issue, try submitting a new request or contact our customer service for assistance.

What to Do in Case of Refusal?

If your Sogexia account opening request has been refused, it is important to understand the specific reasons for this refusal.

Have more questions? Submit a request