Rivet CEO Funsah Bilimus Tackles Rising UK Business Account Closures with Continuity Strategy

UK financial crime-related account closures have surged from 45,091 in 2016/17 to 453,230 in 2024/25, according to figures reported to the Financial Conduct Authority. This tenfold increase highlights a critical operational risk for SMEs, prompting multi-currency provider Rivet Global to issue new guidance on maintaining payment access and managing financial institution relationships.

What was announced

Rivet Global has outlined a framework for business account continuity to help companies navigate a tightening regulatory environment and avoid unexpected banking disruptions. The provider is advocating for a multi-account strategy, urging businesses to maintain a secondary account in their legal name with a different provider to mitigate the impact of sudden restrictions. This advice comes as UK banks and payment firms are now required to provide 90 days' notice and a specific reason before closing accounts, though financial crime suspicions remain a major exception to this rule.

The guidance also addresses international shifts, noting a United States executive order issued on August 7, 2025, which directed regulators to remove reputation risk from supervisory considerations. Despite these changes, Rivet Global warns that institutions still retain the right to restrict accounts if transaction patterns deviate significantly from the information provided during onboarding. To counter this, the firm recommends businesses maintain transparent communication when entering new markets or securing major contracts.

Rivet Global’s own platform offers registered companies account details in their own legal names for USD, EUR, GBP, CAD, and HKD. The service supports balances in 30 currencies and facilitates payments to more than 120 countries. The firm emphasizes a rigorous upfront review process, providing application decisions within three business days to ensure compliance and documentation are verified before accounts are put into active use.

The companies involved

Rivet Global is a financial services provider specializing in multi-currency business accounts for registered companies. The firm’s platform is designed to facilitate international trade by providing businesses with account details in their own legal names across major currencies including USD, EUR, GBP, CAD, and HKD. This structure is intended to provide a more stable alternative to traditional banking setups that may be prone to disruption during rapid growth or expansion into new markets.

The company operates under the leadership of CEO Funsah Bilimus. Its service model focuses on a rapid onboarding and review process, aiming to deliver account application decisions within a three-business-day window. By supporting balances in 30 different currencies and enabling payments to more than 120 countries, Rivet Global positions itself as a partner for businesses with significant cross-border requirements. The firm’s recent focus on account continuity and regulatory compliance reflects a broader market emphasis on managing the risks associated with financial crime-related account closures in the UK and international jurisdictions.

What this means

The dramatic rise in UK account closures—a tenfold increase over eight years—points to a systemic tension between regulatory compliance and financial inclusion. While the FCA’s 90-day notice requirement offers some protection, the broad "financial crime" exception remains a powerful tool for banks to exit relationships instantly, often leaving SMEs without recourse. This environment puts immense pressure on alternative providers to prove they can offer more than just a backup account; they must demonstrate a more nuanced approach to risk than legacy institutions. The industry is moving toward a model where banking redundancy is no longer a luxury but a standard operational requirement for any business with international exposure.