Versions

 

Opening a bank account

174) Given the associated risks within the Virtual Asset space, the global banking sector is focusing on account opening requests from entities associated with Virtual Assets with increased scrutiny. The FSRA has engaged in extensive discussions with local and international banks for the purposes of providing an overview of the Virtual Asset Framework and the stringent authorisation requirements imposed on Applicants when applying to become an Authorised Person. It is intended that those banks with a risk appetite to bank Virtual Asset players will glean comfort from the regulatory oversight of the FSRA and the issuance of an IPA to entities demonstrating that they have a clear roadmap of development of their business towards final approval and issuance of an FSP. The process for approval for the opening of a bank account with local or international banks will typically include a full explanation and review of an Applicant’s AML and Client on-boarding processes and procedures, as well as its ability to monitor the source and destination of funds, amongst other areas of its Virtual Asset activities.