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Financial Services Unit

Money Services Business Info

Article Index

On-site/Off-site Supervision

A primary objective of the Authority is to maintain a first class financial system and a supervisory system that reflects international supervisory standards. It does so through integrated off-site and on-site functions, the actual processes of which are reviewed continuously in light of experience and changes in the global financial industry. Inspections are conducted pursuant to the Money Services Business Act #8 of 2010 for the purposes of assessing the policies and procedures in place for the institution with regards to Money Laundering in order to determine its compliance with the relevant legislation. The objective of the inspection is to assess the business' operational controls and compliance with internal policies, legislation and regulatory requirements relating to customer due diligence and money laundering and other prudential matters.

Application for Licensing

All applications for licensing under the  Money Services Business Act #8 of 2010, should be submitted to the Authority. Applications should follow the requirements set out in the MSB Act.

Application Checklist

To assist applicants in preparing and submitting their applications, the FSU has created the following checklist of documents and information to be submitted as part of the application.

  • The name and address of the money services business in respect of which the licence is sought.
  • Name and address of the person (the "applicant") applying to carry on the money service business.
  • The address of the principal office of the applicant and of it registered office if different.
  • If the applicant is a company, a certified copy of: -

Certificate of Incorporation; and Memorandum and Articles of Association; any Act, statute, charter, partnership agreement or other instrument constituting and defining the constitution of the applicant verified by a declaration made by one of its directors or partners or its secretary.

  • The name and address of each person who: -Owns or controls the money services business; Is a director or officer of the money services business; an agent of the applicant; or