Banks Overview

Banking business is defined under the Banking Ordinance 1998, as amended ("the Banking Ordinance") Section 2 as

  • The business of accepting deposits, and
  • Employment of those deposits by any means at the risk of the person accepting those deposits.

Anyone carrying on activities defined as banking business in the islands must be licensed to do so. Applications for banking licences must be submitted to the Commission for approval.

Trust Companies Overview

The Trusts Ordinance 1990 ("Trusts Ordinance"), sets out the law applicable to trusts, trustees and beneficiaries. Under the Trusts Ordinance, the Supreme Court of the Islands has jurisdiction where:

  • The trust is established under Turks and Caicos law or
  • A trustee of a foreign trust is resident in the Islands
  • Any trust property is located in the Islands
  • The trust property of a foreign trust is administered from the Islands

Money Transmitters Overview

Money Service Business is defined under section 2(a) and (b) of The Money Transmitters Ordinance 2007, as

  1. The business of providing (as a principal business) any or all of the following services -
    1. money transmission;
    2. cheque cashing;
    3. currency exchange;
    4. the issuance, sale or redemption of money orders or traveller’s cheques; and
    5. such other services as the Governor in Council may specify by notice published in the Gazette; or
  2. The business of operating as an agent or franchise holder of a business mentioned in paragraph (a).