Documentation relative to the structural, technical and economic forecasts

  • A description of the technical means, especially regarding IT and accounting, organizational and human resources available to the entity to carry out its activities according to its type must be presented and, in case it intends to operate with derivatives, an explanatory report of its ability to act with these financial instruments paying special attention to the control of risks associated with the aforementioned instruments.
  • A detailed description of the activities that are intended to be undertaken within Andorra and those that are to be outsourced abroad.
  • A generic description of the measures that are planned to be implemented to ensure adequate internal control of the procedures, and to carry out the activities in a maximum-security environment.
  • A reference to the generic measures planned beforehand, in relation to the provisions in legislation relating to international criminal cooperation and the fight against money or securities laundering arising from international crime and against the financing of terrorism.
  • The planned relationships, where appropriate, with other financial or credit institutions that would provide technological knowledge or participate in management, or pledge to provide support of any type in case of possible financial difficulties.
  • The planned location of the headquarters and forecasts regarding the establishment of subsidiaries, branches and offices.
  • The recruitment forecasts for staff during the first three years, indicating the qualification levels.
  • The balance sheets and the profit & loss accounts for the first three years, with the comments that are considered appropriate, in order to estimate quantitative objectives. In particular, the volumes of activity and the income and expenses planned for domestic activities and other activities, are required.
  • The implementation policy of the expected results to be accomplished.
  • A description of the measures taken to protect the funds of the users of payment services and funds received in exchange for electronic money, in accordance with Article 72 of Law 7/2013 [Llei 7/2013], should the authorization applicant be a Payment or Electronic Money Institution.

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