What banks and processors ask before onboarding a payments platform, and the state of each item at apay. Use it as the checklist to prepare before the first partner call.
Items marked to prepare need input from apay’s founders and counsel. Do not send the pack until they are filled in; a partial pack costs credibility.
Ultimate beneficial owners (25% and above, and anyone with control), with IDs and proof of address
to prepare
Group structure chart
to prepare
Source of funds and last financial statements or bank statements
to prepare
Sanctions and PEP screening of directors and UBOs (self-declaration plus partner screening)
to prepare
Banks in Singapore, Hong Kong, the UAE and the Philippines screen for Russian or Belarusian beneficial ownership first. Have a clear, documented answer on residency, citizenship and source of funds of every UBO before outreach.
2. Licensing and regulatory position
Item
Status
Statement of regulatory position: apay is a technology provider and does not hold client funds; regulated activities are performed by the partner
ready (see partner overview)
Planned licensing route if any (for example AIFC payment licence, Singapore PSA exemption analysis, PH OPS registration)
to prepare with counsel
Legal opinion or memo on the model in the first target market
apay