Seller readiness checklist: 28 things to have ready before entering a process

The documents, policies, and confirmations acquirers ask for in the first two weeks. Have them ready before the NDA is signed.

Why this list exists

Acquirers send due diligence request lists on Day 1 of VDR access. The requests are predictable — the same 28 items appear in 90% of fintech M&A processes. Sellers who have these documents ready, indexed, and accurate accelerate their deals by weeks and signal the operational maturity that commands higher valuations.

AML and compliance documents (8 items)

1. Independent AML audit report (most recent) — engagement letter + findings + implementation evidence
2. BSA Officer employment contract and CAMS certification certificate
3. BSA Officer compensation benchmarking vs current market rate
4. Transaction monitoring system documentation and calibration records
5. CIP policy document (current version)
6. OFAC screening programme documentation
7. SAR filing log for last 24 months (redacted for confidentiality)
8. Any FinCEN examination reports, findings, or correspondence in last 5 years

Licensing and regulatory documents (7 items)

9. Complete MTL register — all states, transfer status, renewal dates
10. BIN sponsorship agreements — full text + change-of-control analysis
11. Payment scheme membership agreements — Mastercard, Visa, etc.
12. FCA authorisation and permissions schedule (if applicable)
13. CBK payment service provider licence (if applicable)
14. RBI payment system operator approval (if applicable)
15. Any regulatory enforcement actions, warnings, or correspondence in last 5 years

Data protection documents (5 items)

16. GDPR Article 30 records of processing activities
17. Data Processing Agreements register — all sub-processors
18. DPO appointment letter and contact details
19. ODPC registration certificate (Kenya operations)
20. Cross-border data transfer mechanisms documentation

Corporate governance documents (8 items)

21. Board minutes — last 3 years (complete and signed)
22. Company constitutional documents (articles of incorporation, bylaws)
23. Cap table — fully diluted (including options and warrants)
24. Material contracts register — all contracts above $100K annual value
25. Litigation register — all current and threatened claims
26. IP register — patents, trademarks, copyrights, domain names
27. Insurance schedule — all current policies including D&O
28. FCA Approved Persons register (if applicable)