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 |
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 |
- Checklist (PDF 24.9KB)
- Application form (PDF 107KB)
- Money Services Business Act #8 of 2010
An in-depth article on the Money Services Business is available here for more reading.