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.