Appendix IV - Business Plan CSP

Summary

This is a template form (Appendix IV) issued by the Bermuda Monetary Authority that applicants for a Corporate Service Provider (CSP) licence must complete as part of their business plan submission, required under section 10(2)(a) of the Corporate Service Provider Business Act 2012. It sets out the specific content an applicant's business plan must cover for its first three years of operation.

• Aims and objectives: State the aims and objectives of the proposed CSP business.
• Nature and scale: Describe the nature and scale of expected business and the sources from which it will be derived.
• Group structure chart: Provide a chart showing the Applicant's relationship to its parent, subsidiaries and affiliates, if applicable.
• Internal controls: Describe proposed systems for internal audit and compliance, including risk management and financial accounting.
• Staffing resources: Detail management structure, mind and management, organisational structure, staff experience and qualifications, and training plans, including AML/CFT training provided by the compliance officer or money laundering reporting officer.
• Premises and assets: Describe premises, fixed assets and equipment.
• Outsourcing/insourcing: Describe any outsourcing or insourcing arrangements.
• Delegation of responsibilities: Disclose any proposals to delegate responsibilities to another person or entity, including names, addresses and functions performed.

The form does not itself impose ongoing compliance obligations beyond completion as part of a CSP licence application; it is a disclosure checklist for applicants rather than a standalone regulatory requirement.

Key obligations

• Applicants for a Corporate Service Provider licence must submit a business plan covering the first three years of operation addressing aims and objectives, nature and scale of business, group structure, internal audit/compliance systems, staffing resources, premises, outsourcing/insourcing arrangements, and any delegation of responsibilities
• Applicants proposing to delegate responsibilities must disclose the names and addresses of the persons or entities involved and the functions they will perform

Applies to

Corporate Service Providers (CSPs), Applicants for a Corporate Service Provider licence