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Learn about our assessment criteria

ClearBank will assess your application against the following criteria:

  1. Your Financial Crime Compliance framework – You will need to demonstrate a robust framework by providing up-to-date procedures and documentation on your Financial Crime Compliance controls, including the systems and controls to manage money laundering, financial sanctions and fraud risk.
  2. Business Viability – You will need to demonstrate your financial status, business and operating model. This also includes providing monthly and annual transactional volumes, including the associated payment value forecast for ClearBank to assess capacity requirements, operational risks and determine pricing.
  3. Know Your Customer (KYC) and Know Your Business (KYB) – You will need to provide us with sufficient responses and documentation to enable ClearBank to develop a full understanding of your customer base, payment flow and business model. This also includes providing relevant certified documentation to evidence the current shareholding and directorship of your company.
  4. Compliance and Governance – If you are applying for ClearBank’s Embedded Banking products and services, you will need to provide us with sufficient documentation to demonstrate a robust governance framework, including how you mitigate risk and adhere to relevant regulation.
  5. Legal and Scheme Compliance – You need to comply with payment system rules (Bacs*, CHAPS* and Faster Payments*) and all other applicable laws.

* Where applicable

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