Anguilla Money Service Business License _Guideline

Anguilla Money Service Business License

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.

Class of Licence Description of Licence
Class A Money Transmission
Class B Issuance, Sale and Redemption of Payment Instruments
Class C Cheque Cashing
Class D Currency Exchange

Legal Requirements

Sr.

No

 Element Requirement(s)
Entity Requirements The entity making the application is an Anguillan company under the Companies Act (Cap C.65).

Company includes:

  1. A company,
  2. Limited partnerships,
  3. Unit trust or

Other business entity, which is incorporated, registered or otherwise established under the laws of a member territory of the Eastern Caribbean Currency Union.
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The Money Service business license will need at least one shareholder.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The management should ensure that the licensee appoints a compliance officer to ensure compliance with applicable laws and with the internal policies of the licensee by its employees, agents, and other contractors.
Anguilla Office A licence granted under this Act authorizes the licensee to carry on money services business in Anguilla at the place of business designated in the licence and at such other place as the Authority may authorise in writing.

The applicant must have premises acceptable to the Commission. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.
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 or some other professionally qualified accountant, satisfactory to the Authority.
Insurance The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the Commission.
Minimum Capital Requirements A licensee shall maintain adequate capital in such form and based on such formula as the Minister may by regulations prescribe.

Every licensee shall make a statutory deposit of a portion of the prescribed capital with the Authority to be held in trust in an interest bearing account with a bank or other financial institution approved by the Authority for the benefit of holders of outstanding payment instruments, in the event that that licensee becomes bankrupt or for any other reason is unable to meet its contractual obligations to its customers.

Ongoing Requirements

  1. A licensee shall, within 3 months of the end of every financial year, forward to the Authority the audited financial statements referred to in subsection (1) unless prior written approval for an extension has been granted by the Authority.
  2. Maintenance of—

    1. adequate reserves and other capital resources in amounts which may be prescribed by the Minister,
    2. adequate assets in liquid form in amounts which may be prescribed by the Minister,
    3. a system for managing and containing risks to the net worth of the licensee’s business and risks to its net income, whether arising from fluctuations in interest or exchange rates or from other factors,
    4. the requisite accounting records,
    5. systems of internal control and record keeping, and
    6. systems for inspection and report;

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Our Contact Details

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OR Contact us on:

  • Tel: +248 4321018
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