> For the complete documentation index, see [llms.txt](https://docs.alignlabs.dev/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.alignlabs.dev/compliance/customer-onboarding/financial-institutions-onboarding.md).

# Financial Institutions Onboarding

### Onboarding Requirements for Financial Institutions

Businesses operating under specific industry codes are classified as Financial Institutions. Due to regulatory requirements, these businesses must submit additional documentation during the onboarding process. FInancial Institutions are restricted to 1st party payments only. 

### Core Product Requirement

Please note that financial institutions are limited to first-party transactions. If you intend to process payments on behalf of your customers, each entity must be onboarded directly and undergo independent KYC/KYB verification.

### Applicable Industry Codes

If your business falls under any of the following codes, you will be subject to these additional requirements:The following additional documents are required to be uploaded:

| **Industry Code** | **Description**                                                          |
| ----------------- | ------------------------------------------------------------------------ |
| 425120            | Wholesale Trade Agents and Brokers                                       |
| 441110            | New Car Dealers                                                          |
| 441120            | Used Car Dealers                                                         |
| 522190            | Other Depository Credit Intermediation                                   |
| 522220            | Sales Financing                                                          |
| 522291            | Consumer Lending                                                         |
| 522292            | Real Estate Credit                                                       |
| 522293            | International Trade Financing                                            |
| 522320            | Financial Transactions Processing, Reserve, and Clearinghouse Activities |
| 522390            | Other Credit Intermediation                                              |
| 523120            | Securities Brokerage                                                     |
| 523130            | Commodity Contracts Dealing                                              |
| 523210            | Securities and Commodity Exchanges                                       |
| 523920            | Portfolio Management                                                     |
| 523930            | Investment Advice                                                        |
| 523999            | Miscellaneous Financial Investment Activities                            |
| 524113            | Direct Life Insurance Carriers                                           |
| 524210            | Insurance Agencies and Brokerages                                        |
| 525120            | Other Insurance Funds                                                    |
| 525910            | Open-End Investment Funds                                                |
| 525990            | Other Financial Vehicles                                                 |
| 531210            | Offices of Real Estate Agents and Brokers                                |
| 533110            | Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)     |
| 541214            | Payroll Services                                                         |
| 551111            | Offices of Bank Holding Companies                                        |
| 561450            | Credit Bureaus                                                           |

**1. AML CFT Sanctions Policy**

A formal policy outlining the company’s procedures for preventing money laundering, terrorist financing, and sanctions breaches.

**2. AML CFT Sanctions Audit**

An independent audit report assessing the effectiveness of the company’s AML, CFT, and sanctions controls.

**3. Regulatory License**

An official licence issued by the relevant regulator authorising the company to conduct regulated financial activities.

**4. Compliance Officer Resume**

A résumé or CV demonstrating the qualifications and experience of the company’s appointed Compliance Officer.

**5. Share Certificate**

An official certificate issued by the company showing ownership of its shares and the registered shareholders.

**6. Wolfsberg Questionairre**

A standard due-diligence questionnaire covering the company’s financial crime controls, based on the Wolfsberg Group framework.

Financial Institution onboarding requires a written approval from the bank and can take up to two working weeks after all of the docs have been submitted. 

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