Belize International Payment Processing Services License_Guideline
Belize International Payment Processing Services License
The International Financial Services Commission Act of 2011, provides regulations on Belize International Payment Processing Services License. This are regulated by Belize International Financial Services Commission.
The Licensee is required to fully disclose in advance to customers the charges for services provided by the licensee and shall not be discriminatory between customers.
Some of the other International Financial Services include:
- Formation or management of international business companies or other offshore entities.
- Formation or management of international (or offshore) trusts and the provision of international trustee services.
- International insurance services.
- International asset protection and management.
- International collective investment schemes (such as mutual funds, unit trusts, etc.).
- Money transmission services.
- Trading in foreign exchange.
- Money brokering.
- Money lending and pawning.
- Money exchange.
- Safe custody services.
- Accounting services.
- Brokerage, consultancy or advisory services in any of the above service
|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|
|Audited accounts||The applicant shall provide details to the commission an approved auditor of any jurisdiction|
|Compliance Officer, Money-laundering Reporting Officer and Money Laundering Compliance Officer||The Compliance Officer must be approved by the commission form any jurisdiction|
|Belize Office||The applicant will operate an office however not compulsory in Belize. The Licensee shall not establish a branch, subsidiary or representative office without the prior approval of the IFSC|
|Minimum Capital Requirements||The Licensee shall at all times keep deposited with a bank or other licensed financial institution in Belize the minimum paid up and unimpaired capital of USD 75,000, which shall not be removed or reduced without the prior written permission of the IFSC|
- The Licensee shall pay special attention to transactions in excess of US$10,000.00 (or its equivalent in any currency) in one transaction and forthwith report all suspicious transactions to the Financial Intelligence Unit of Belize.
- The Licensee shall at all times comply with Section 19 of the Money Laundering and Terrorism (Prevention) Act, 2008 of Belize in regard to the originator information on all payment processing transactions.
- The Licensee shall submit to the IFSC by electronic means by the tenth of the end of each month (or at such other times as may be specified by the IFSC) the following information, as applicable
- the value of cash settlements between the Licensee and its customers, including supporting reports from the database;
- the following information on each payment processing transaction during the preceding month:
- name and address of the sender;
- name and address of recipient;
- country of origin;
- date of the transaction
- amount of the transact
- Company formations and Administration
- Assistance with Bank Account opening
- Collective Investment Setup and Administration
- Intellectual Property Registrations and Maintenance.
- Trusts and Foundations setup and administration
- Online Payment Gateway Solutions
- Banking Licenses and PSP, E-Money, E- Wallet Licenses
- Yacht and aircraft registrations.
- Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)
- 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
- Tel: +248 4321018
- WhatsApp: +248 2525217
- Skype: vf-international.com
- Email: [email protected]