Assessment criteria
If you fulfil the eligibility criteria, in order to successfully open an account you will also need to meet the following assessment criteria to a satisfactory level:
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You must have a robust financial crime framework in place, which includes Anti Money Laundering (AML), Terrorist Financing and Anti-Bribery and Corruption controls. An assessment of such will be conducted by our supplier.
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You must be able to demonstrate your future business viability, financial status and business model. We require an understanding of your target client base, business model and geographic catchment area.
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You must not be engaged, or have customers who are engaged in the following industries;
- Adult entertainment, products or services;
- Gambling;
- Money Transmission services, where the originator or recipient of the payment is unclear;
- Act as a wholesaler to cash-based money remitters;
- Offer downstream services to other PSPs beyond your original customer; or
- Cryptocurrencies.
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You must comply with all applicable laws, including industry best practice guidance and scheme rules.
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Any volume of payments originating overseas are subject to our own risk assessment and must be clearly detailed in a payment flow diagram
In line with our obligations under Regulation 105 of the Payment Services Regulations 2017, we will conduct a Proportionate, Objective and Non-Discriminatory (POND) assessment of all full applications for Starling Banking Services.