Antigua and Barbuda Money Service Business License_Guideline

Antigua and Barbuda Money Service Business License The Financial Services Regulatory Commission (“the Commission”) is authorized to licence and regulate money services businesses within the state of Antigua. No person (legal or natural) is authorized to conduct money services business in Antigua and Barbuda without a license granted by the Commission pursuant to the requirements of the Act. Money Services Business means:

1. The business of providing as a primary service any of the following:
2. Transmission of money or monetary value in any form
3. Cheque cashing
4. Currency exchange
5. The issuance, sale and Redemption of Payment Instruments
6. Any other services the Minister may specify by Notice published in the gazette
7. The business of operating as an agent or franchise holder of any of the business mentioned in (a).

Legal Requirements

Sr. No	Element	Requirement(s)
	Entity Requirements	The entity making the application is an Antigua and Barbuda n company under the Companies Act (Cap C.65). Company includes: A company, Limited partnerships, 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.
	Antigua and Barbuda Office	A licence granted under this Act authorizes the licensee to carry on money services business in Antigua and Barbuda 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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• Tel: +248 4321018
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