Application preparation

With the design established, the second phase is preparation: converting the operating model and control framework into the documentation and evidence that an authorisation process requires.

Focus of this phase:

• Policies and procedures. Documenting safeguarding, AML/CFT, sanctions, risk, ICT resilience and governance policies.
• Programme documentation. Preparing the business plan, risk assessments and operating procedures that describe how the model will work in practice.
• Control functions. Defining the roles and responsibilities of the planned governance and control functions.
• Technology. Building the platform components and controls in line with the documented design.

Status: In preparation. Preparing an application does not constitute an authorisation. No regulated payment or crypto-asset services are provided during this phase.