Appendix IV - Business Plan - Money Service Business Act 2016

Summary

This is Appendix IV to a Money Service Business Act 2016 application package, prescribing the Business Plan that applicants for a money service business licence must submit under Section 10(2)(a) of the Act. It is a template setting out the minimum content the plan must contain, rather than a standalone rule with independent legal effect.

• Scope of plan: Applicant must provide a full statement of the nature and scale of the intended money service business and the arrangements proposed for its management and operation, covering the first three years of operation (or the previous three years for existing money service businesses).
• Aims and business sources: State aims and objectives, and sources of business, including the type, nature and scale of business expected.
• Staffing and management: Detail management structure including mind and management, organisational structure, staff experience/expertise, professional or legal qualifications, staff training plans, and any training given by the Compliance Officer or Money Laundering Reporting Officer.
• Financials: Provide revenue projections, balance sheet and income statement for each year with explanations and assumptions, plus net assets and financing arrangements.
• Group structure: Include a chart showing the Applicant's relationship to parent, subsidiaries and affiliates, if applicable.
• Systems and premises: Describe proposed internal audit/compliance systems, financial accounting arrangements, and the principal place of business (leasehold or freehold).
• Outsourcing and delegation: Disclose any outsourcing or insourcing arrangements and any proposals to delegate responsibilities to another person or entity, including names, addresses and functions performed.

Key obligations

• Applicant must submit a business plan under Section 10(2)(a) of the Money Service Business Act 2016 covering the first three years of operation (or previous three years for existing money service businesses).
• The plan must include aims and objectives, sources and nature/scale of business, staffing and management structure details, revenue projections and financial statements, net assets and financing arrangements, a group structure chart if applicable, internal audit/compliance and accounting systems, details of the principal place of business, and any outsourcing, insourcing or delegation arrangements with named parties and functions.

Applies to

money service businesses, applicants for a money service business licence