Money Services Business

With the passage of the Money Services Business Act, 2009 (“the Act”), which came into effect on 16 July 2009, the Anguilla Financial Services Commission (“the Commission”) is designated as the licensing and regulatory authority for Money Services Businesses conducted in and from Anguilla.

No person (legal or natural) is authorized to conduct money services business in Anguilla without a license granted by the Commission pursuant to the requirements of the Act.

Application for Licence

1. Prospective applicants are encouraged to meet with the Commission to discuss their proposal before submitting their applications.
2. The application review process will include an assessment of the following:
1. validity of the documents submitted in support of the application and the personal questionnaire
2. financial condition and history of the Applicant;
3. nature of the business of the Applicant;
4. experience of the persons who are to constitute its management;
5. source of the initial capital;
6. convenience and needs of the community to be served by the granting of the licence;
7. the business plan of the applicant
8. the organization chart showing reporting lines and the group chart showing ownership
9. the ownership structure of the applicant (the ownership structure must be clear and transparent).
3. In addition to a review of the information and documents detailed above, the application process will include an assessment of the fit and proper nature of applicant’s key stakeholders (see Fit and Proper Guidelines). A licence will not be granted unless the applicant satisfies the legal, regulatory, due diligence and fit and proper requirements.
4. It is also expected that an applicant will appoint a Money Laundering Compliance Officer, Money Laundering Repotting Officer and Compliance Officer as required by sections 20 and 21 of the AML/CFT Regulations, 2009 and section 27 of the Financial Services Commission Act, R.S.A. c. F28 respectively.

Capital Adequacy and Deposit

In considering an application for a Class A or Class B licence the Commission shall, in addition to the matters specified in section 2(d) above, take into consideration:

1. the adequacy of the capital structure;
2. the earnings prospects of the Applicant; and
3. the applicant’s risk management policies and procedures.

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