1. Business License/ Registration to Operate Your Business
Explanation:
- Definition: A business license refers to the official permit issued by a governmental agency that allows a business to operate within a particular jurisdiction.
- Importance: Ensures the business adheres to local business laws and regulations.
- Details to Include: Business name, type, ownership details, physical address, and other relevant details depending on the jurisdiction.
2. Memorandum of Association/Articles of Incorporation
Explanation:
- Definition: Legal documents that detail the establishment and structural framework of a company.
- Importance: Defines the company’s purpose and lays out how tasks are to be accomplished within the organization.
- Details to Include: Company’s name, purpose, share structure, and the registered office address.
3. List of Shareholders (100% of Shares)
Explanation:
- Definition: A comprehensive list detailing all the individuals or entities holding shares in the company.
- Importance: Provides clarity about ownership and the distribution of the company’s equity.
- Details to Include: Full names, contact details, number, and types of shares owned by each shareholder.
4. Valid Copy of ID of Shareholders/Owners of More than 10%
Explanation:
- Definition: Legitimate identification of significant shareholders in the company.
- Importance: Ensures transparency and verification of the individuals/entities having substantial control or influence.
- ID Details: Must include photograph, full name, date of birth, and should be government-issued.
5. Valid Copy of ID of the Directors
Explanation:
- Definition: Official identification of the company’s directors.
- Importance: Confirms the identity and legal age of the directors.
- ID Details: Should be a government-issued ID with a photograph, full name, and date of birth.
6. List of Authorized Signatories and Valid copy of ID
Explanation:
- Definition: A record indicating individuals permitted to officially sign documents on behalf of the company.
- Importance: Enables verification of individuals who have the legal authority to bind the company.
- Details to Include: Names, positions, specimen signatures, and their respective valid IDs.
7. Company Organization Chart
Explanation:
- Definition: A visual document that outlines the internal structure of the company.
- Importance: Illustrates the hierarchy and relationships between different roles within the organization.
- Details to Include: Roles, relationships, and hierarchies between each department and individual.
8. Anti-Money Laundering (AML)/Compliance Manual
Explanation:
- Definition: A document detailing the company’s policies, procedures, and controls to prevent money laundering and ensure compliance.
- Importance: Demonstrates the company’s commitment to adhere to AML laws and regulations.
- Details to Include: AML policies, risk management processes, customer due diligence procedures, and reporting protocols.
9. Summary of Data Protection and Cyber Security Policies and Procedures
Explanation:
- Definition: Overview of policies and procedures regarding the safeguarding of data and cyber security.
- Importance: Assures that the company takes the necessary steps to protect sensitive data and systems.
- Details to Include: Data handling and storage policies, cybersecurity measures, and incident response plans.
10. Audited Financial Statements (Last Two Years), if Possible
Explanation:
- Definition: Financial statements that have been reviewed and verified by a certified auditor.
- Importance: Demonstrates financial stability and adherence to accounting standards.
- Details to Include: Balance sheets, income statements, cash flow statements, and auditors’ reports.
11. Proof of Address
Explanation:
- Definition: A document confirming the physical location of the company.
- Importance: Verifies the legitimacy of the business location.
- Acceptable Documents: Utility bills, tax assessments, or a lease agreement, typically dated within the last three months.
12. Contact List
Explanation:
- Definition: A list of relevant contacts related to the company.
- Importance: Facilitates easy communication between relevant parties and the company.
- Details to Include: Names, positions, email addresses, and telephone numbers of crucial company contacts, such as directors, department heads, and other key personnel.
These documents collectively serve to ensure regulatory compliance, facilitate communication, and establish clear operational structures within a Money Services Business (MSB). Always consult with a legal or compliance professional to ensure that all documentation adheres to specific local and international regulations.
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This page was last updated on October 9, 2023.
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