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Financial Services Unit

Money Services Business

Basic Information on MSB

Definition of Money Services Business

Under The Money Services Business Act #8 of 2010  the term Money services Business is defined as the business of providing (as a primary business) any one or more of the following:-

  • Money Transmission;
  • Cheque Cashing;
  • Currency Exchange;
  • The Issuance or, sale or redemption of money orders or travellers checks;

Such other services as the Governor in Council may specify by notice published in the Gazette; or The business of operating as a franchise holder of a business mentioned under (1).

  • Licence Classes and Fees

Class of Licence

Description of Licence

Application License Fee EC$

Annual License Fee EC$

CLASS A

Money Transmission

2,500

5,000

CLASS B

Issuance, Sale and
Redemption of Payment Instruments

2,500

5,000

CLASS C

Cheque Cashing

2,500

5,000

CLASS D

Currency Exchange

2,500

5,000

CLASS E

Pay day advances

2,500

5,000

An in-depth article on the Money Services Business is available here for more reading.