Partner Eligibility Criteria
Compliance, commercial, and strategic criteria a prospect must meet to be onboarded as a Wirex BaaS partner.
Overview
Partner onboarding is subject to the successful completion of all required due diligence and verification checks, including financial crime, sanctions, and regulatory screening. This page sets out the criteria Wirex assesses when evaluating a prospective partner. Wirex reserves the right to apply additional criteria where circumstances require.
Meeting these criteria does not guarantee approval. See Partner Onboarding for the onboarding process itself.
Due Diligence & Compliance
Sanctions & Regulatory Compliance
Wirex has zero appetite for facilitating transactions with sanctioned individuals or entities. Regulatory or sanction breaches of any nature are not tolerated. Any prospect identified as being subject to applicable sanctions is immediately disqualified from onboarding.
Ownership Structure Transparency
Wirex does not engage with firms that have an unclear or insufficiently documented ownership structure. All beneficial ownership must be fully disclosed and verifiable to Wirex's satisfaction as part of due diligence.
Higher-Risk Business Types
Wirex takes a conservative approach to business types that are inherently higher risk for money laundering. For such applicants, Wirex applies:
| Measure | Description |
|---|---|
| Increased due diligence | A higher level of due diligence at onboarding |
| Enhanced ongoing monitoring | Continuous assurance that the relevant risks are managed appropriately |
| Evidence of internal controls | Satisfactory evidence of robust internal controls, policies, and procedures |
AML/CFT Framework Requirements
Where a prospect's business model requires it — including where mandated by applicable regulation or where the nature of the business presents elevated financial crime risk — Wirex may require evidence of a proportionate and documented AML/CFT framework. This may include:
| Requirement | Description |
|---|---|
| AML/CFT policy | A written policy proportionate to the nature and scale of the business |
| MLRO | An appointed Money Laundering Reporting Officer or equivalent responsible individual |
| CDD and EDD procedures | Customer due diligence and enhanced due diligence procedures |
| Transaction monitoring | Ongoing transaction monitoring arrangements |
| Staff training | Financial crime awareness training for staff |
| Record-keeping | A record-keeping policy consistent with applicable regulatory obligations |
Commercial & Strategic Requirements
Wirex has full discretion over whether a prospect meets its minimum commercial requirements. Prospects must demonstrate viable business economics and the capacity to fulfil contractual commitments.
Strategic Fit & Brand Standards
Assessment considers both internal strategy and external factors, including:
| Factor | Description |
|---|---|
| Company profile | Size, operating history, and growth trajectory of the applicant |
| Brand and reputation | External-facing brand, public reputation, and market positioning |
| Governance documents | Professional standard of Terms & Conditions, Privacy Policies, and AML/CFT frameworks where applicable |
| Compliance culture | Evidence of regulatory compliance culture and senior management accountability |
Regulatory Status & Licensing
Where a prospect's business model requires regulatory authorisation, Wirex requires evidence of the relevant licence or registration. Prospects operating in regulated activities without appropriate authorisation are not eligible for onboarding. Wirex may also consider:
- The jurisdiction(s) in which the prospect operates and the applicable regulatory regime
- Any prior or pending regulatory action, enforcement, or investigation
- The prospect's relationship with its regulators and history of compliance
Data Protection & Information Security
Prospects must demonstrate adequate data protection and information security practices, including compliance with applicable data protection legislation (e.g. GDPR or equivalent), documented data retention and breach response procedures, and technical and organisational measures appropriate to the risk.
Technical Capability & Integration Readiness
Prospects must possess, or have a credible plan to develop, the technical capability required to integrate with the Wirex platform. Wirex may assess engineering resources, development timelines, and willingness to adhere to Wirex's API and integration standards.
Adverse Media & Reputational Risk
Wirex conducts adverse media screening on all applicants and their key personnel as part of the standard onboarding review. Material adverse findings relating to fraud, financial crime, regulatory censure, or reputational harm may result in an application being declined.
Wirex's Sole Discretion
Wirex retains sole discretion over the acceptance of any customer. In certain circumstances, applications may be declined and Wirex may not be able to disclose the specific reasons. Satisfaction of the criteria set out on this page does not constitute a guarantee of onboarding approval.
This policy is subject to change. Wirex will notify affected parties of any material updates in accordance with applicable contractual obligations.
Updated 3 days ago