AU-4.2.2
Past version: Effective from 01 Oct 2010 to 31 Mar 2011
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Unless otherwise directed by the CBB, the following documents must be provided in support of an application to open a branch:
a) A business explaining:
1) The reasons for applying for a branch, including the applicant's strategy and market objectives; and
2) A minimum of three-year financial projection, with all assumptions clearly outlined, demonstrating that the branch will be able to meet all liabilities and obligations;
b) The location of the proposed branch, including the full address;
c) A confirmation that the branch will comply with the minimum security measures for money changer licensees as specified in Section GR-9.1;
d) Confirmation from the external auditor that the licensee's capital adequacy is sufficient to support the operation of the branch, in addition to other existing branches (if applicable), at the time of filing the request; and
e) Confirmation from the external auditor that additional capital requirement of BD30,000 (refer to Section CA-1.4), has been deposited in the licensee's bank account.
October 2010