Forex license acquisition: work breakdown and evidence pack.
Break a licence application into workstreams with owners and evidence. The regulator evaluates consistency across documents and people.
Workstreams
Category selection, business plan and forecasts, governance and people, policies (compliance, AML, risk, complaints), systems and controls, capital and banking. Assign each an owner and due date.
Evidence pack
Compile documents in a structured index, version-controlled, with a single source for facts such as ownership and capital. Inconsistencies are easy to avoid and costly to explain.
Query handling
Track regulator questions in a log with owner and response deadline. Plan renewals as well: see compliance operations.
Post-approval conditions register
Record every condition attached to approval with owner, due date and evidence. Track them like project tasks. Report status to management monthly until all are closed.
Evidence index example
Section A: corporate documents. B: ownership and fit-and-proper. C: business plan. D: policies. E: systems. F: financials. Each item has version, date and owner. An index reduces errors and speeds responses.
Questions we hear
How long will it take?
It varies by regulator and file quality. Ask for current expectations.
Can an application be refused?
Yes. Quality reduces risk but cannot eliminate it.