EU & UK Licensing Questionnaire
Please don't exchange or provide any information that you think is confidential. We cannot take responsibility for it, as we will send this information to licensed FIs and/or NBFIs without securing a
non-disclosure agreement (
NDA) with you.
Please set aside 12-15 minutes to complete this form.
Your designation/title in the company
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Your Address (Street, Office/Suite)
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Your Phone Number (including country code and area code)
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What industry do you belong to?
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High-Risk Industry Assessment
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Are you in any of the following businesses? Please select the appropriate high-risk industries if you are associated with them. Select NONE if you are not associated with any of these high-risk industry verticals.
High-Risk Industry Assessment
From which country are you domiciled out of?
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Your company/organization is based out of which city/country?
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Is this a shell company?
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Is the list of beneficial owners very clear and transparent?
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Is the list of beneficial owners very clear and transparent?
Is there something we should know about that might raise a red-flag?
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Some past history that we need to be aware of? criminal proceedings? a fine imposed by a court/regulator? cease & desist notice? on-going litigation? a politically exposed person? on-going court case? being a close relative of someone who is on the OFAC list or PEP?
Is there something we should know about that might raise a red-flag?
Have you done this sort of business before?
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Have you done this sort of business before?
Which type of license are you interested in?
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Depending on your business case, you may be applying for regulatory coverage that includes other territories as well, not to mention, customers from around the world. However, if the solution provider is willing to work with you, for US Customers ONLY, i.e. transactions would originate and terminate in the United States only? Would that work?
Which type of license are you interested in?
Explain your FoF, Flow of Funds. Please watch
this video if you don't know what the Flow of Funds is. Alternatively, you can read
this article on Flow of Funds.
Please upload a flow-of-funds diagram in .jpg, .png or .pdf format.
Explain Your Transaction Set
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A transaction set implies, buy, sell, get balance, deduct the commission, etc. Whilst the set itself can be long, just include the basic/core transaction set for which regulator coverage is required. You can read this
article to better understand what a transaction set is.
Will there be international transactions?
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Will there be international transactions?
List of Originating Country/Countries where regulatory coverage is required?
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For legal reasons, please type out the name of country/countries where you require legal regulatory coverage on licensing.
List of Beneficiary Country/Countries where transactions may be terminated?
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For legal reasons, please type out the name of the country/countries where your transactions would be terminated or finally settled. Please do not say "Africa", "Asia" or GCC, etc., as these are continents or regions. Instead, mention the individual countries themselves.
Where are most of your customers based out of?
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Are they consumers/individuals, companies, government, institutions? How do you classify your customers? B2B, B2C, P2P? B2B2C, please enlist all the applicable cases.
Will you be working/transacting in the United States
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Will you be working/transacting in the United States
Will you be working with restricted countries?
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Example: Somalia (all regions), Sudan (all regions), Yemen, Iran, North Korea, Zimbabwe, Afghanistan, etc.
Do you have a Compliance program in place?
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Do you have a Compliance program in place?
Have you undertaken any Anti-Money Laundering / Counter-Terrorist Financing Awareness Training in the past year?
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Have you undertaken any Anti-Money Laundering / Counter-Terrorist Financing Awareness Training in the past year?
Is your system ready to go live?
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Is your system ready to go live?
What sort of KYC or KYB would you be conducting?
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Please explain the process and the documentation &/or services used for KYC/KYB purposes.
Is there any part of your product offering where KYC/KYB is lax or not required?
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For example, for transactions under $200, no KYC is required or slabbed KYC/KYB process.
What is the average transaction size?
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Please indicate currency and the appropriate transaction size (e.g. € 50 or $ 37 or £100 or CAD$ 55 or PKR 2,000, etc.)
What is the anticipated number of transactions per month?
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(assuming you’ve had 3-4 months to ramp-up), please provide a very rough prediction for the next 12 months.
List of audits you may be gone through (if any).
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How ready are you to go live from a technology point-of-view?
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If a solution provider steps forward today for technical integration? Are you ready to integrate?
How ready are you to go live from a technology point-of-view?
How ready are you to go live from a compliance point-of-view?
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If a solution provider steps forward integration is your Compliance manual ready and programmed into your system?
How ready are you to go live from a compliance point-of-view?
How ready are you to go live from a project point-of-view?
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If a solution provider steps forward integration is everything ready (including team) on your end, to start?
How ready are you to go live from a project point-of-view?
Are you licensed in any part of the world?
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Licensed as a payment institution, e-money provider, money transfer operator, remittance service provider, payment service provider, money services business, etc?
If Yes, please list the name of the license you possess, the entity to which it is granted, its expiration or renewal date and the authority which granted you this license.
How rigid are you on your model?
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For example, let us assume in your model, credit card processing is a must. If we remove it, would you be flexible enough to continue?
Is there crypto involved in your model? How rigid are you on that requirement?
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For example, if your model includes crypto+fiat, then is it possible to remove the crypto component altogether?
What is a deal-breaker for you?
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Is there any component in your model that you are NOT flexible on? A deal break could be a monthly fees higher than say US$ 5,000/month. Or if we are not able to provide credit card processing. Or if ACH costs more than $1.
Please let us know how flexible you are and what is a deal-breaker? Without it, there will be a lot of back and forth. Let me know what you are NOT willing to budge on.
Explain in your own words, what specifically you're looking for. For example, if you want a certain rate, let me know what that rate is. If you have a specific monthly fee you are willing to pay, let me know what it is. If you're looking for pink, let me know, I will try to find pink for you. If you want Big, let me know and I will find big. If you want no deductions, let me know. However, don't assume I know what you're looking for. The more you tell me of what your "ask" is, the better informed I am and hence can do a more focused job of finding a provider that would match your requirements.
Comments, additional information you may wish to provide.
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Any additional information you wish to provide, please enter it here.
By submitting this form I agree (a) that I am authorized to provide this information, (b) I am not submitting anything confidential or false (c) all information being presented herewith is true to the best of my knowledge, (d) the information may freely be shared amongst various solution providers that Faisal Khan, LLC works with, (e) to and accept the Terms of Service and the Privacy Policy on behalf of my company or as an individual.