Jersey Money Service Business License_Guideline

Jersey Money Service Business License

Jersey Money Service Business institutions are governed by the Financial Services (Jersey) Law 1998, as subject to any Order under Article 4, the meaning given to that expression by Article 2(9). The Money Service Business is regulated by the Jersey Financial Services Commission.

Permitted Activities

A person carries on money service business if the person carries on the business of any of the following:

1. a bureau de change;
2. providing cheque cashing services;
3. transmitting or receiving funds by wire or other electronic means;
4. engaging in money transmission services

Exemption for certain bureaux de change and personal money service business

1. A person who carries on money service business consisting of an exchange in which –
2. payment for goods or services is made in cash (including by travellers’ cheque); and
3. the change due in respect of that payment –
4. is tendered in a different currency to the currency in which that payment is made, and
5. is tendered by the person to whom that payment is made,

is a prescribed person for the purposes of Article 7(2)(a)(ii) of the Law in relation to that money service business.

1. A person who carries on money service business consisting of the transmission or receipt of funds by wire or other electronic means, or the provision of money transmission services, by the person for the sole purpose of any of the following –
2. enabling another person to pay for goods or services;
3. enabling another person to access that other person’s funds or that other person’s money,

is a prescribed person for the purposes of Article 7(2)(a)(ii) of the Law in relation to that money service business.

1. person who carries on money service business consisting of the cashing of a cheque drawn by a second person on a bank account of the second person is a prescribed person for the purposes of Article 7(2)(a)(ii) of the Law in relation to that money service business.

Legal Requirements

Sr. No	Element	Requirement(s)
	Entity Requirements	Entities under the companies (jersey) law 1991: Partnership Unit Trust
	Director’s Requirements	The licensee will need at least 2 (two) natural person Fit and Proper Directors and one must be based in Jersey
	Shareholder requirements	The licensee will need at least 2 shareholders
	Audited accounts	The accounting record requirements for a Money Service Business applicant are those that apply to any business taking the same form as the applicant, e.g. Companies (Jersey) Law 1991, or those applicable as a result of other regulated activities undertaken by the applicant, e.g. deposit-taking business.
	Compliance Officer, Money-laundering Reporting Officer and Money Laundering Compliance Officer	The Compliance Officer must: Have appropriate independence and direct access to the registered person’s Jersey board of directors or equivalent; Have unfettered access to all business lines, support departments and information necessary to properly discharge their responsibilities; Be based in Jersey
	Jersey Office	The applicant will ensure to have a local office for designated employees and local compliance officer.
	Minimum Capital Requirements	The PSL Law requires a minimum capital of EUR 350,000 for an Electronic Money Institution. The Company must at all times respect the own funds as set out by the Law

Ongoing Obligations

• A registered person is expected to maintain such books and records in a language understood by the employees of the business. These must be translated into English at the request of the JFSC. A registered person must be able to readily retrieve them in Jersey and, if kept otherwise than in legible form, maintain them so as to be readable at a computer terminal in Jersey so that they may be produced in legible form without any delay.
• A registered person must ensure that it has appropriate record keeping arrangements for compliance with the applicable laws (including anti‑money laundering legislation and company legislation), Orders and regulatory requirements, set by the Code or the relevant AML/CFT Handbook.
• A registered person is expected to maintain and adequately document policies and procedures that cover the management of the business.

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

• 1. Company formations and Administration
  2. Assistance with Bank Account opening
  3. Collective Investment Setup and Administration
  4. Intellectual Property Registrations and Maintenance.
  5. Trusts and Foundations setup and administration
  6. Online Payment Gateway Solutions
  7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
  8. Yacht and aircraft registrations.
  9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

• We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
• Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
• We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
• We have a full in-house compliance support for all compliance requirements with the regulator and service providers

Our Contact Details

Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com

OR Contact us on:

• Tel: +248 4321018
• WhatsApp: +248 2525217
• Skype: vf-international.com
• Email: [email protected]