Money Services Business Info
InfoDefinition 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).
Regulation of Money Services Business
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:
- to be licensed in accordance with the licensing requirements;
- to meet the minimum net worth requirements establish in law;
- to have two directors;
- to obtain the Authority's written approval prior to the appointment of all directors and officers (N.B.: if the Authority is of the opinion that the director or officer is not a fit and proper person, it may reserve the right to refuse to grant approval of the appointment);
- to be in compliance with the Money Laundering Regulations;
- to provide the FSU with annual audited financial statements.