# Banking readiness for a crypto business: an onboarding checklist

This FOL guide helps you prepare the business facts and questions for a licensing consultation. [Explore FOL crypto-licensing services](https://fastoffshorelicenses.com/crypto-license/).

Prepare the evidence for your bank or electronic money institution (EMI) discussion before choosing a provider or setting a launch date. Explain the business, ownership, customers, payment flows, crypto exposure, controls and expected account activity. Mark facts that depend on licensing, vendors or commercial decisions.

Banks and EMIs apply their own eligibility rules, risk appetite and onboarding process. Ask each provider for its current requirements and adapt this checklist to its answers.

## Define the account you need

Start with the legal entity that would hold the account. Record its incorporation status, owners, directors, operating locations and role in the wider business. Then describe what the account must do:

- collect or send customer funds;
- receive merchant settlements or make payouts;
- pay suppliers, staff or group companies;
- hold operating funds or safeguarding balances, if applicable;
- support named fiat currencies and payment methods;
- connect to exchanges, custodians, liquidity providers or payment processors.

Estimate monthly transaction count and value, with the period and assumptions. Separate customer money from company operating money. Identify countries connected to customers, merchants, counterparties, directors and transfers.

If Costa Rica and Panama are on your licensing-route shortlist, show how the proposed entity in each candidate structure would use the account. Do not assume that incorporation, registration or a licence guarantees provider eligibility or access to a particular currency or market.

## Build the evidence pack

Ask the provider which documents it needs and in what form. Use the categories below to organise its document list.

| Evidence area | What to prepare |
| --- | --- |
| Company and ownership | Incorporation records, group chart, owners, directors, source of initial capital and authorised signatories |
| Business model | Product description, customer types, target markets, revenue model and website or product demonstration |
| Payment flow | Entities, senders, receivers, accounts, wallets, assets, conversions, fees, custody points and settlement steps |
| Regulatory position | Current status, applications in progress, assessed activities, scope limits and dated supporting sources |
| AML and sanctions controls | Risk assessment, customer checks, screening, monitoring, escalation, reporting and record-keeping approach |
| Financial information | Forecasts, funding evidence, expected volumes, transaction ranges and explanation of unusual activity |
| Providers and counterparties | Proposed banks, EMIs, exchanges, custodians, processors and liquidity providers, including onboarding status |
| Technology and security | System map, wallet controls, access management, incident handling and accountable owners |

Keep dates and owners visible. Remove expired documents and reconcile conflicting figures. Label future controls or providers as dependencies.

## Connect AML controls to the payment flow

Generic policy text is less useful than a control map tied to actual transactions. For each payment-flow step, record who identifies the customer, verifies information, screens relevant parties, monitors activity, reviews alerts, approves escalation and keeps the record.

Explain how merchant, customer and counterparty risks differ, and which work depends on a vendor. Ask qualified advisers and the provider to confirm controls for the actual entity, activities and markets.

## Track owners and dependencies

| Milestone | Owner | Evidence or dependency |
| --- | --- | --- |
| Define account use and currencies | Founder or finance lead | Approved business and payment-flow map |
| Confirm provider fit | Provider contact | Written eligibility response and current document list |
| Prepare corporate evidence | Company owner | Current records and ownership information |
| Prepare compliance evidence | Compliance owner | Approved controls matched to the operating model |
| Submit the application | Authorised applicant | Complete provider-specific pack |
| Answer follow-up questions | Named coordinator | Question log, evidence owner and response date |
| Configure and test access | Finance and technology owners | Contract, permissions, integrations and test plan |
| Approve operational use | Accountable director | Confirmed limits, controls and reconciliation process |

A provider may change these milestones. Record its actual process and update owners when the operating model changes.

## Questions to ask a bank or EMI

1. Does the institution currently consider businesses with our activities, customer markets, ownership and crypto exposure?
2. Which legal entity should apply, and which account uses, currencies and payment corridors can it assess?
3. Which documents and operating evidence are required at each onboarding stage?
4. Which exchanges, custodians, processors or counterparties need separate review?
5. What transaction limits, reserves, monitoring expectations or restrictions could apply to the proposed account?
6. Which facts or changes would require a new review after onboarding?

Record each answer with its date and source. Keep approval, contract, technical activation and permitted account use as separate milestones.

Prepare a short summary of your proposed activities, customer countries, custody and payment flows, existing entity, budget range and intended launch window. For questions about FOL crypto-licensing services, request a free initial consultation with [Mark Paat, Sales Consultant, Associate](https://gofaizen-sherle.com/about/mark-paat), at [mark.paat@gofaizen-sherle.com](mailto:mark.paat@gofaizen-sherle.com).

[Visit the FOL crypto-licensing page](https://fastoffshorelicenses.com/crypto-license/) to explore the service and prepare your enquiry.

## Related FOL resources

- [Questions to ask before choosing a licensing jurisdiction](https://cryptolicense.fastoffshorelicenses.com/how-to-choose-an-offshore-vasp-jurisdiction-without-hidden-capital-and-staffing-surprises)
- [Map your crypto-payment flows](https://cryptolicense.fastoffshorelicenses.com/map-your-crypto-payment-flows-before-choosing-a-licensing-route)