Regulatory Framework for Money Services Businesses

Under Section 34 of the Monetary Authority Act, the Authority is empowered to issue or modify Rules, Statements of Guidance, and Statements of Principle. Additionally, Section 48 allows for the creation of a Regulatory Handbook, which outlines the policies and procedures the Authority uses to execute its regulatory and cooperative responsibilities.

Below, you will find a comprehensive index of measures, including checklists for Rules, Statements of Guidance, Regulatory Policies, Regulatory Procedures, and Forms relevant to the Money Services Business sector.

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Rules

These are clear directives issued to licensees on key matters that the Authority deems critical for the prudential supervision of regulated entities. These rules are binding on all licensees, and any violations may result in fines or regulatory actions by the Authority, as per its powers under the regulatory laws.

Statement of Guidance ("SOG")

This guidance is designed to help licensees adhere to relevant laws, regulations, rules, and principles, as well as to set standards for business conduct. It provides recommendations on how licensees should operate and serves as a benchmark for the Authority to evaluate compliance.

Regulatory Policy ("RPy")

These policies consist of principles, criteria, or approaches that guide the decisions and actions taken by the Authority in fulfilling its regulatory and cooperative roles.

Regulatory Procedure ("RPr")

These procedures outline the specific actions, activities, or tasks the Authority will undertake as part of its regulatory and cooperative duties.

Note: Items marked with NEW have been recently added or updated.