Reporting Obligations for Money Services

As outlined in Section 9 of the Money Services Act the following requirements must be met:

“Every licensed entity must provide the Authority, at the specified intervals, with the following:

1. A written statement confirming that the details provided in the original license application remain accurate and present a true and fair view of its money services operations; and
2. Any returns regarding its money services business as specified by the Authority in writing,

in a format that the Authority deems appropriate.”

Quarterly Prudential Returns for Money Services Business

Licensees are required to submit quarterly returns as specified by the Authority. These returns capture financial data on money transfers to and from the Cayman Islands for regulatory and statistical purposes. The completed form must be submitted to the Monetary Authority no later than 30 calendar days after the reporting date. For further details, please refer to the Money Services Business Forms 

Financial Accounts

Section 10 of the Money Services Act stipulates the following:

1. Every licensee must have its money services business accounts audited annually, or as otherwise required by the Authority, by an auditor who is either a chartered accountant, a certified public accountant, or another professionally qualified accountant approved by the Authority.
2. The audited accounts must be submitted to the Authority within three months of the end of the financial year of the licensee’s money services business, unless the Authority grants prior written approval for an extension.