Money Transmitters Overview

Money Transmitters Overview

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

• 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
• The business of operating as an agent or franchise holder of a business mentioned in paragraph (a).

Net worth requirement

Section 6 (1) and (2) of the Money Transmitters Ordinance 2007, defines the minimum net worth requirements for licencees carrying on money services business in or from within the Islands.

Filing Requirements

licenced Money Services Business are required to submit -

• Audited accounts to the Commission within three months of the end of the financial year.
• An auditor’s certificate of the existence of adequate procedures to ensure compliance by the business with the Proceeds of Crime Ordinance 2007.
• A written confirmation that the information set out in the application for the licence remains correct, and gives a full and fair picture of its money services business; and such returns in respect of its money services business as the Commission may specify in writing in such form as the Commission may reasonably require.