Note: This questionnaire is for informational purposes only and does not constitute an offer or commitment by the Bank.
1. Financial Information:
- Most recent 3 years of Financial Statements:
- Income Statement
- Balance Sheet
- Cash Flow Statement
- 3-year Financial Statement Projection: Please provide a projection of your company’s financial performance for the next three years.
2. Business Description:
- Company Overview:
- Describe your company’s US operations, including its history, mission, and key products/services.
- Classify your company as a Money Services Business (MSB) and specify your primary function (e.g., payment processor, money transmitter, check casher).
- Customer Base:
- Describe your customer base, including the types of customers you serve (e.g., individuals, businesses, merchants, other money transmitters).
- Business Lines:
- Describe your company’s business lines and identify which lines will be moving to the Bank.
- Specify the percentage of your business expected to be processed through the Bank.
- Banking Services:
- Describe the bank services you require for each account you wish to open with the Bank.
- Explain how each account will be used in your business operations.
- Describe the services you offer to your customers through the Bank relationship and through other relationships.
- Funds Flow:
- Provide a detailed diagram and narrative explaining how money will flow into and out of your Bank account(s).
- Specify the payment methods you will use (e.g., wire transfer, debit card, check) and provide anticipated transaction volume and dollar amounts for each method.
- Agents (Optional):
- If you use agents, please provide a list of their names and addresses.
- Partners and Correspondents:
- List the payout/payin partners or correspondents you use and their locations.
- Indicate whether each partner is primarily used for payouts or payins.
- Independent Program Audit:
- Please provide a copy of your most recent independent program audit.
3. Ownership Structure:
- Type of Ownership:
- Indicate whether your company is privately owned, owned by investors, or foreign-owned.
- Principal Information:
- Provide bios of your company’s principals/owners and the US-based compliance officer.
- Specify the percentage of ownership for each principal/owner.
- If your company is owned by another business, identify the principal/owners of that business.
- Clearly identify the individual with ultimate control of the US entity.
4. Legal Review:
- Regulatory Compliance:
- Have you, your parent company, or any principal/owner ever been found guilty of financial crimes?
- Have you, your parent company, or any principal/owner ever been subject to regulatory fines, actions, lawsuits, or significant negative media coverage?
Please note: This questionnaire is not exhaustive and may require additional information depending on the specific nature of your business and the Bank’s risk assessment.
To ensure a seamless and efficient onboarding experience, we strongly recommend submitting comprehensive and precise information.
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This page was last updated on January 19, 2024.
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