Financial Services Unit

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).

Requirements

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.