The collapse of Aregentex

The recent collapse of Aregentex, a prominent firm listed on the London Stock Exchange, has sent ripples of uncertainty through the market, directly impacting Trustees, Corporate Service Providers (CSPs), and international corporate clients.

This event has exposed a critical vulnerability: the widespread reliance on a single virtual IBAN as a primary bank account. For many corporate entities, the sudden failure of Aregentex has resulted in their funds being held in a state of limbo, creating significant operational and financial challenges.

Our Proven Solution in Action

ikyc has direct experience navigating the fallout from similar crises. In a recent scenario, we were engaged to assist a trust company managing 12 such structures. The goal was to secure a new "bank" account under the same name, a process that proved essential to safeguarding their funds and meeting financial obligations such as tax, legal fees and other creditors. Our timely intervention was instrumental in resolving the uncertainty and mitigating risk for these clients.

We believe that proactive risk management is the only way forward. We invite you to a discussion on how to build a resilient banking framework that protects your entities from single-point-of-failure risks.

Please book an appointment using this link if you would like to discuss further.