Comes into Effect
On 31 March 2010 The Financing and Money Services Act, 2009 will come into effect. This Act creates a legal framework for the licensing, regulating and supervision of businesses engaged in the provision of money or value transfer services and establishes a transition period of six months from the date the Act comes into force for any existing business to make the required application for licensing to the Commission. Anyone providing money transmission, cheque cashing, issuing money orders or currency exchange will now be required to apply for licensing. It will be an offence to carry on those activities without a licence and penalties of up to USD60,000 may be applicable.
A copy of the Financing and Money Services Act, 2009 can be downloaded from the publications page of our website. For further information, please contact This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
