What onboarding information is required for a privately owned financial institution?

Published on Oct 13, 2023Updated on Jan 30, 20252 min read54

What's a privately owned financial institution?

Privately owned financial institutions are entities such as money services businesses (MSBs), money transmitters, broker-dealers, or banks. These entities are not publicly traded and have less than 50% government ownership.

Who are the key persons for a privately owned financial institution?

  • Corporate officers: Persons with significant responsibility to control, manage, or direct the privately owned financial institution including executive officers, senior managers (for example, CEO, CFO, COO, Managing Member, General Partner, President, Vice President, or Treasurer), or any other persons who regularly perform similar functions.

  • Directors: Persons elected or appointed to serve on the board of directors of the privately owned financial institution. These persons govern and oversee the privately owned financial institution, and are responsible for its high-level strategy, operations, and accountability.

  • Ultimate beneficial owners: Persons who ultimately own and/or who exercise ultimate control over the privately owned financial institution. “Ultimately owns” and “ultimate effective control” refer to situations in which ownership/control is exercised through a chain of ownership or by means of control other than direct control.

  • Authorized users: Persons who have access to and can operate your institution’s OKX account.

What'll a privately owned financial institution need to consider for the onboarding process?

  • Identify all key parties

    • Identify all parties involved in the privately owned financial institution, including corporate officers, directors, ultimate beneficial owners and any authorized users.

  • Provide organizational documentation

    • Provide organizational documentation that regulates and binds the privately owned financial institution and establishes its control and management structure.

  • Provide identifying information

    • Provide identifying information for the privately owned financial institution, such as your institution’s legal full name, registration address, principal place of business, institution type, and industry, among other pertinent and verifiable data.

  • Provide identification documentation

    • Provide valid proof of identity (PoI) and proof of address (PoA) documents that verify the existence and establishment of the privately owned financial institution, as well as the identity of each key person involved.

Learn more about the types of institutions that are supported by us here.

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