1 Corporate Governance Issues

• Beneficial/ownership structure
• Memorandum and Articles of Association
• Adequate capital amount
• Net worth statements for directors
• Director clearance by Police and credit rating bureau
• Organisational structure and proposed names of key office holders
• Board and Senior Management profiles

2 Business Plan

• Objectives and mission statement
• Business case
• System technology / functionalities / process flow
• Market analysis
• Financials
• Viability and projections

3 Comprehensive Risk Management Framework

• Identify all pertinent risks
• Measurement
• Mitigating measures
• Transaction limits
• Controls

4 Agreements

• Service level agreements
• Contractual agreements with third parties signed

5 Clearing and Settlement Modalities

• Clearing arrangements
• Settlement procedures and processes
• Collateral
• Rules and procedures
• Third-party entry and access criteria

6 Policies and Procedures

• Pricing policy
• Conflict resolution policy
• Customer protection issues
• Customer due diligence procedures
• AML policy

7 Anti-Money Laundering Requirements (AML)

• ML/TF risk assessment
• Beneficial ownership
• Politically exposed persons
• Customer Due Diligence:
  • Know your customer/employee/customer/agent/partner
• Record keeping
• Continuous risk assessment of new and existing technological products
• Suspicious transaction report
• Third-party service level agreements and due diligence

8 Systems Integrity and Audit Report

• System design and architecture
• System providers
• Capacity and reliability of the system
• Pilot test results

9 Special Requirements for Cross-Border Payments

• Compliance with Exchange Control law
• Regulatory certificate of good standing from country of origin (foreign entity)

10 Application Fees

Application fees will be guided accordingly from time to time.