Partner Due Diligence for Regulatory Approval
Supported Regulatory Approval through Due Diligence for proposed Partners.
Overview:
A licensed money transfer business preparing to expand its reach into new payment corridors engaged us to conduct due diligence on three potential partners. These partnerships were a critical component of their application to the Central Bank for licensing as a remittance service provider.
Challenge:
The company needed to demonstrate to regulators that their partner relationships were low-risk, transparent, and compliant with AML/CFT obligations — a key consideration in the licensing process.
Our Role:
We were brought in to assess and document the due diligence process for each proposed partner. This included:
Reviewing the partners’ AML policies, licensing status, and risk profiles.
Verifying regulatory standing and ownership structures.
Providing structured due diligence reports aligned with CBK expectations.
Advising the company on areas to strengthen documentation for regulator review.
Outcome:
The due diligence reports formed part of the company’s submission to the regulator. While the ultimate licensing decision involved many factors, our ontribution ensured that the partner vetting process met regulatory standards and demonstrated a robust compliance approach.