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:-
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).
The Money Services Business Act #8 of 2010 provides for the licensing of all money services businesses and for the regulation of such businesses by the Financial Services Unit. The on-going supervision of money services businesses falls under the purview of the Regulatory Authority (FSU).
Those institutions that provide the above mentioned services in the Commonwealth of Dominica are required:
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.
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.
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.
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.
Otherwise participates in the conduct of the affairs of the money services business
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;
The Financial Services Unit is responsible for the registration and regulation of the following entities:SEARCH
The entities not listed on the website are not authorised to do business in the Commonwealth of Dominica