Can I get Calmony if our company is based in the Crown Dependencies?
We cannot offer Griffin bank accounts to companies registered in the Crown Dependencies, but we can offer Modulr electronic money accounts as an alternative for eligible businesses.
Calmony cannot onboard limited companies registered in the Crown Dependencies (Jersey, Guernsey, and the Isle of Man) for Griffin bank accounts due to restrictions from our banking partner, Griffin.
Why Griffin accounts aren't available: Griffin's current verification and onboarding systems don't support companies registered in the Crown Dependencies. Their regulatory and verification requirements differ from those for UK-based entities, and Griffin is unable to process these applications through their existing infrastructure.
Alternative: Modulr electronic money accounts Whilst we cannot offer Griffin bank accounts to Crown Dependencies-based companies, we can offer Modulr electronic money accounts. However, it's important to understand that these are different products:
Modulr accounts are Electronic Money Institutions (EMIs), which means:
- Money is stored electronically in digital wallets rather than traditional bank accounts
- Funds are held in a Bank of England bank account via Modulr Finance Ltd (an authorised EMI)
- The service is authorised under UK Electronic Money Regulations (FCA registered 850923)
- All funds are protected under EMI safeguarding laws
Modulr accounts provide payment services for receiving funds from open banking payments, debit and credit cards, and facilitating BACS/batch payments, but they function differently from traditional bank accounts.
What if my UK company has directors or PSCs in the Crown Dependencies? If your company is registered in the UK but has directors or people with significant control (PSCs) who are based in the Crown Dependencies, you can onboard with Calmony for Griffin bank accounts. The key requirement is that the company itself must be UK-registered. We can accommodate directors and PSCs located in Jersey, Guernsey, or the Isle of Man as long as the company is based in the UK.
To summarise:
- ✗ Cannot offer Griffin accounts to: Companies registered in the Crown Dependencies
- ✓ Can offer Modulr accounts to: Companies registered in the Crown Dependencies (subject to eligibility)
- ✓ Can offer Griffin accounts to: UK-registered companies with directors/PSCs based in the Crown Dependencies
If you have questions about your specific circumstances, whether Modulr accounts would be suitable for your needs, or would like to discuss your eligibility, please contact our support team at support@calmony.co.