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CMWG Libya
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Harmonized selection criteria for Financial Service Provision
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Verification of standard documentation & requirements
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This document outlines a list of FSP procurement selection criteria and associated questions aimed at covering the key elements of financial service provision by relevant and qualified businesses that express willingness to engage with humanitarian cash actors to assist persons in need and of concern to them, within the Libyan regulatory framework and in line with agencies policies, objectives and requirements. The harmonized criteria can be used by all CMWG members organizations and, possibly, customized according to specific members’ needs. However, the purpose of harmonization is eliminating major differences and creating minimum standards, therefore customization should be used with caution and only if not avoidable.
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Overall Pass/Fail rating for Documentation & Certifications
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Mandatory documentation:Submitted (Yes/No)
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1Audited financial reports of the company
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2Certified copy of the license to provide money transfer services, issued by the relevant government authority.
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3Document(s) for registration of the company with the national tax services
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4Signed Supplementary Agreement on the Protection of Personal Data of Persons of Concern
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5Signed Supply Code of Conduct.
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Mandatory certifications:Submitted (Yes/No)
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6FSP certifies compliance with national regulations to know your customers (KYC) and provides a copy of data protection policy
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7FSPs certifiies that an exception to national Know-Your-Customer policy can be obtained if it requires disclosure of personal data and identification of beneficiaries to authorities
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8FSP certifies compliance with industry and regulatory standards, at all stages of the transfer and disbursement of money
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9FSP certifies compliance with industry and regulatory standards regarding the security of financial data
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10Certification of compliance with industry and regulatory standards, with regard to anti-money laundering, anti-terrorism laws and international sanctions regimes
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11FSP certifies coverage of specific geographic area based on ToR.
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Recommended - but optional - documentation:Submitted (Yes/No)
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1Documentation describing the proposed cash delivery mechanism, related order management system, and customer service abilities.
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2Documents on the company’s integrated risk management and anti-fraud security measures, including the latest documentation on related tests.
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3Any relevant documents attesting to the company's financial situation and credit risk rating.
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4Documents attesting to the availability of a financial insurance mechanism. In case of a non-Bank Financial Service Provider, provide information on the availability of a Performance Bond.
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5Business Continuity Plan.
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