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:
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.
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.
You must not be engaged, or have customers who are engaged in the following industries;
- Adult entertainment, products or services;
- 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
You must comply with all applicable laws, including industry best practice guidance and scheme rules.
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.