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Financial Services Unit

Money Services Business Info

Otherwise participates in the conduct of the affairs of the money services business

  • The name and address of any depository institution at which a transaction account is maintained for the purposes of the money services business.
  • Where appropriate, a statement from the body responsible for the administration of the laws relating to money services business and the supervision in the country in which the applicant or its parent company in incorporated that the body is aware of the application.
  • If the applicant is a company incorporated in the Islands:
  • The full names, address and nationalities of each shareholder who holds more than five percent of its share capital;
  • The annual accounts for the two years immediately preceding the year of application of each shareholder which is a body corporate to which paragraph (a) applies, together with similar accounts for the parent body, if any of each body corporate;
  • Two or more references verifying good financial standing of each shareholder who is a natural person to whom paragraph (a) applies;
  • A list certified by its secretary containing the full names, address and nationalities of its directors, managers and officers;
  • Two character references for each of the persons referred to in paragraph (d) and, for each person, a police or other certificate satisfactory to the Authority that the person has not been convicted of a serious crime or any offence involving dishonesty;
  • Evidence acceptable to the Authority of the availability to the applicant at all times of adequate professional knowledge of, and experience in the money services business and the names of at least two of its directors actively engaged in the money services business of the applicant one of whom shall possess sound professional knowledge of, and experience in, money services business;
  • The name and address of the proposed auditor;

A statement giving the date for drawing up of the annual accounts of the applicant; Confirmation in writing under the hand of the presiding officer of the applicant and the presiding officer of its parent body, if any, that they concur in the making of the application; A statement in writing accepting legal responsibility for the obligations and liabilities of the applicant executed by and binding on the parent company if any, of the applicant;

  • Three business references, for the company, of which at least one shall be from a bank;
  • A detailed business plan, containing details of the current money services business activities, if and, of the applicant and its proposed activities of the licence applied for is granted including: