Guyana Money Transfer Agencies License_Guideline
Guyana Money Transfer Agencies License
Money Transfer Agencies (Licensing) Act 2009 is Act provides for the licensing of persons to carry on the business of money transfer as money transfer agencies, the ongoing supervision of such persons and other connected matters. A licensee may appoint a person, by agreement in writing, as a money transfer agent. Licences and Certificates are subject to annual renewal, a precondition of which is compliance with the Money Transfer Agencies (Licensing) Act and the Anti-Money Laundering and Countering the Financing of Terrorism Act.
Subsidiary legislation has been promulgated to facilitate implementation of the Act and regulated by the Bank of Guyana
Money Transfer” means the making of any payment by a person in the scheduled territory to or for the credit of a person outside the scheduled territory, or to a person in the scheduled territory by order or on behalf of a person outside the scheduled territory.
Money Transfer Agent means any person carrying on the business of money transfer on behalf of a licensee.
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|Director’s Requirements||The licensee will need at least 1 natural person Fit and Proper Directors of any jurisdiction|
|Shareholder requirements||The licensee will need at least 1 shareholder|
|Money Transfer Agent||A licensee may appoint a person by agreement in writing as its money transfer agent with the authority to provide money transfer services on behalf of the licensed agency.|
|Compliance Officer, Money-laundering Reporting Officer and Money Laundering Compliance Officer||This is not a compulsory requirement|
|Guyana Office||The applicant will operate a premise in Guyana|
|Minimum Capital Requirements||This will be decided by the Bank upon review if the applicant documents|
- Where a licensee wishes to renew a licence, he shall, not later than the 15th day of January in every year, make an application in the prescribed form accompanied by the prescribed fee to the Bank to renew the licence
- Every licensed agency and money transfer agent shall comply with the Anti-Money Laundering and Countering the Financing of Terrorism Act 2009.
- Every licensee and money transfer agent shall maintain a proper account in which shall be recorded any particulars prescribed by the Bank by regulations, notices or guidelines for a period of five years after the termination of the business transaction so recorded.
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