Montserrat Money Service Business License_Guideline

Montserrat Money Services Business License

The Money Services Business Act of 2009, provides regulations on Montserrat Money Services Business License. The license is regulated by Financial Services Commission Montserrat.

Permitted Activities

Under the Act, money services business means

1. the business of providing as a primary business any one or more of the following:
2. transmission of money or monetary value in any form;
3. cheque cashing;
4. currency exchange;
5. the issuance, sale or redemption of money orders or traveller’s cheques; and
6. any other services the Governor may specify by notice published in the Gazette; or
7. the business of operating as an agent or franchise holder of any of the businesses mentioned in paragraph (a) of the Act;

Classes of Licenses

1. Class A

The licence permits the holder to carry on any or all of the following businesses

1. transmission of money or monetary value in any form;
2. the issuance, sale or redemption of money orders or traveller’s cheques;
3. cheque cashing;
4. currency exchange;
5. Class B

The licence permits the holder to carry on any or all of the following businesses:

1. the issuance, sale or redemption of money orders or traveller’s cheques;
2. cheque cashing;
3. currency exchange;
4. Class C

This licence permits the holder to carry on the business of cheque cashing;

1. Class D

This licence permits the holder to carry on the business of currency exchange.

Legal Requirements

Sr. No	Element	Requirement(s)
	Entity Requirements	Partnership Corporation Liability Company Any other entity as maybe approved by the commissioner
	Director’s Requirements	The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction
	Shareholder requirements	The licensee will need at least 2 shareholders
	Auditor	A licensee shall appoint annually an auditor who must be a chartered accountant, a certified public accountant, a member of the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC) or some other suitably qualified person, satisfactory to the Commission
	Compliance Officer, Money-laundering Reporting Officer and Money Laundering Compliance Officer	The law has not yet defined the need of a Compliance Officer
	Montserrat Office	The applicant will operate an office in Montserrat.
	Minimum Capital Requirements	This will be decided by the Commission upon reviewing the required documents and the class of License

Ongoing Obligations

• A licensee shall within three months of the end of the financial year, forward the audited financial statements referred to in subsection (1) to the Commission unless prior written approval for an extension has been granted by the Commission. The audited financial statements referred to in subsection (1) shall cover a period of not more than eighteen months beginning on the date the licensee was incorporated, or if the licensee has previously prepared audited financial statements, beginning at the end of the period covered by the most recent audited financial statements.

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]