Licensing Requirements for Money Services

Submitting a Licensing Application

All licensing applications under the Money Services Act should be directed to the Authority. Applicants must adhere to the guidelines outlined in the Money Services Businesses Regulations.

Application Documentation Checklist

To facilitate the application process, the Authority has provided the following checklist of documents and information required for submission:

1. The name and address of the money services business for which the license is sought.
2. Name and address of the applicant (the individual or entity applying to operate the money services business).
3. The principal office address of the applicant and, if different, its registered office address.
4. If the applicant is a corporation, certified copies of:
   • Certificate of Incorporation.
   • Memorandum and Articles of Association, along with any legal documents defining the company's structure, verified by a declaration from a director or company secretary.
5. The names and addresses of individuals who:
   • Own or control the money services business.
   • Serve as directors or officers of the money services business.
   • Act as agents for the applicant.
   • Are otherwise involved in the business's operations.
6. The name and address of any financial institution where a transaction account for the money services business is maintained.
7. Where applicable, a statement from the relevant regulatory body in the applicant's or parent company's home country, acknowledging the application.
8. If the applicant is incorporated in the Islands:
   • The full names, addresses, and nationalities of shareholders holding more than 5% of the share capital.
   • Annual accounts for the two years preceding the application for any corporate shareholders holding more than 5% of the share capital, including accounts for any parent company.
   • Two or more references attesting to the financial standing of any natural person holding more than 5% of the share capital.
   • A list, certified by the company secretary, of the full names, addresses, and nationalities of all directors, managers, and officers.
   • Two character references for each director, manager, and officer, along with a police or similar certificate confirming no convictions for serious crimes or dishonest offenses.
   • Proof of the applicant's professional knowledge and experience in money services, including the names of at least two directors actively engaged in the business, one of whom must have substantial knowledge and experience in money services.
   • The name and address of the proposed auditor.
   • The date for preparing the annual accounts of the applicant.
   • A written confirmation from the applicant's and parent company's presiding officers supporting the application.
   • A written statement accepting legal responsibility for the applicant's obligations, signed and binding on the parent company, if applicable.
   • Three business references, including at least one from a bank.
   • A detailed business plan outlining:
     • The rationale for obtaining the license.
     • The business objectives and target client base.
     • Projections of initial and future assets, liabilities, and income for the first two years.
     • Management structure and personnel details.
     • Registered offices of any subsidiary companies, including their relationship with the applicant.
     • An organizational chart showing the relationship between the applicant, its subsidiaries, affiliates, and any holding company.
     • Brief descriptions of each subsidiary and affiliate.
   • Details of the applicant's proposed systems for control, inspection, and reporting if the license is granted.
9. If the applicant is incorporated outside the Islands, in addition to the above, provide the name and address of the supervisory or regulatory authority overseeing each of the applicant's agents operating outside the Islands.
10. An auditor's confirmation of paid-up capital (a minimum net worth of CI$30,000 is required).
11. The prescribed application fee.