The Money Services Law (MSL) and other relevant laws and regulations can be found on the Acts and Regulations webpage.

Please note that the copies provided on the website are for informational purposes only. Official copies can be obtained from The Legislative Department for a nominal fee.

Currently, there are five licensed money services businesses in the Cayman Islands, of which three are actively operating.

For information on filing a complaint, please refer to the general section under Banking Services FAQs.

For current statistics, please visit the Money Services Statistics page.

For details on fees, please visit the Money Services Business Fees page. All licensed entities are required to pay the annual fee by January 15 each year.

According to Section 10 of the Money Services Law (2010 Revision):

All licensees must have their accounts audited annually by an auditor who is either a chartered accountant, certified public accountant, or another professionally qualified accountant approved by the Authority.

The audited accounts must be submitted to the Authority within three months following the end of the financial year, unless an extension has been granted in writing by the Authority.

Licensees must submit quarterly returns to the Authority and provide annual audited financial statements within three months of the end of their financial year.

The Authority must be informed of any appointments, resignations, or removals of directors and senior officers.

Unless an exemption has been granted, licensees must obtain prior approval from the Authority before appointing directors or senior officers. The following documentation is required for the Authority’s assessment of fitness and propriety:

1. A completed Personal Questionnaire form;
2. Two character references;
3. One financial reference;
4. A police clearance certificate, sworn affidavit, or other certificate deemed satisfactory by the Authority, confirming that the individual has not been convicted of any serious crime or offense involving dishonesty, obtained from the last country of residence where the individual resided for at least 12 months.

If an exemption has been granted, the licensee must ensure that an updated Personal Questionnaire form and police clearance certificate or sworn affidavit are submitted to the Authority.

The same requirements for appointing directors and managers also apply to changes in shareholders or beneficial ownership. A letter providing details of the new shareholder(s) along with completed personal questionnaires, three references (including at least one character and one financial reference), and a Police Clearance Certificate or equivalent for each new shareholder should be submitted.

For detailed guidance on the requirements, please refer to the Licensing Requirements section. The legal framework for obtaining a money services business license is outlined in the Money Services Law (2010 Revision), the Money Services Businesses Regulations, 2001, and the Money Services Businesses (Amendment) Regulations, 2009, available on the Acts and Regulations webpage.

According to Section 17 of the Money Services Law (2010 Revision), each licensee must have at least two directors at all times.

(1) A completed Personal Questionnaire;
(2) Annual accounts for the two years preceding the application, for each major shareholder that is a corporate entity, along with accounts for the parent company if applicable;
(3) Two character references;
(4) One financial reference;
(5) A police clearance or sworn affidavit, or other certificate acceptable to the Authority, confirming no convictions for serious crimes or offenses involving dishonesty.

In line with Section 17(2) of the Money Services Law (2010 Revision), the Authority evaluates an applicant's:

(a) Honesty, integrity, and reputation;

(b) Competence and capability;

(c) Financial soundness.

For more information, see the Regulatory Policy and Procedure on Fitness and Propriety.

Once a complete application is submitted, the processing time is typically between four to six weeks.