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Financial Services Unit

Money Services Business Info

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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.