CRA-1.2.6
The business plan submitted in support of an application must include:
(a) An outline of the history of the applicant and its shareholders including the Ultimate Beneficiary Owners (UBO);
(b) A description of the proposed, current, and historical business of the applicant, including detail on the products and services provided and to be provided, all associated websites addresses, the jurisdictions in which the applicant is engaged in business, the principal place of business, the primary market of operation and the projected customer base;
(c) The reasons for applying for a license, including the applicant's strategy and market objectives;
(cc) Details of the KYC and customer on-boarding process;
(d) The proposed Board and senior management of the applicant and the proposed organisational structure of the applicant along with the proposed organization chart and the reporting lines;
(dd) Detailed full business cycle flow from end to end of the business model;
(e) An assessment of the risks that may be faced by the applicant, together with the proposed systems and controls framework to be put in place for addressing those risks and to be used for the main business functions;
(f) An opening balance sheet for the applicant, together with a three-year financial projection, with all assumptions clearly outlined, demonstrating that the applicant will be able to meet applicable capital adequacy requirements;
(g) Details of all banking arrangements for fund transfer as well as any other alternative form of arrangements for transfer of funds;
(h) A copy of its business continuity plan; and
(i) A description of the IT system that will be used, including details of how the IT system and other records will be backed up.
Amended: April 2023
Added: April 2019
Added: April 2019