Saint Lucia Money Service Business License_Guideline
Saint Lucia Money Service Business License
The Money Services Business Act No. 11 of 2010 (MSB Act) provides for the licensing and regulation of money services providers in Saint Lucia.
Money services business refers to the provision one of more of the following services, either as a primary business or as an agent of franchise holder:
- transmission of money or monetary value in any form;
- cheque cashing;
- currency exchange;
- the issuance, sale or redemption of money orders or traveller’s cheques;
- Micro-lending; and
- any other services determined by the Authority
There are five (5) classes of licence, determined by the nature of service being provided:
|Class of Licence||Description of Licence||Annual Licence Fees|
|Main Agent||Sub Agent|
The entity making the application is a Saint Lucia company under the Companies Act.
|Director’s Requirements||A company must have at least one director but a public company shall have no fewer than 3 directors, at least 2 of whom are not officers or employees of the company or any of its affiliates.|
|Shareholder requirements||The Money Services Business License will need at least one shareholder.|
|Local Office||A licence granted under this Act authorises the licensee to carry on money services business in Saint Lucia at the place of business designated in the licence and at such other place as the Authority may authorise in writing.|
|Auditor||A licensee shall appoint annually an auditor who 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.|
|Minimum Capital Requirements||A licensee shall maintain adequate capital in such form and based on such formula as the Minister may by Order prescribe.|
A licensee on receipt of funds from a customer shall
immediately and irrevocably segregate the amount intended for transmission or delivery to the payee customer exclusively for the purpose of the proper payment of the funds in due course to the payee
- A licence to carry on money services business is valid from the date of first issue to the 31st December of that year and is renewable each year on payment on or before the 15th day of January of the prescribed annual licence fee.
- A licensee shall within three months of the end of the financial year, forward the audited financial statements to the Authority unless prior written approval for an extension has been granted by the Authority.
- A licensee who holds a Class A or Class B licence shall file quarterly returns with the Authority within fifteen days of the end of a quarter, along with a written declaration that the information set out in the application for the licence remains correct and gives a full and fair picture of money services business of the licensee. A licensee who holds a Class C or Class D licence must, within fifteen days of the end of the financial year of the licensee, file an annual return with the Authority along with a written declaration that the information set out in the application for the licence remains correct and gives a full and fair picture of the licensee’s money services business.
- A licensee shall retain for a period of at least seven years from the date of creation of each particular record, all records created and obtained by the licensee, in particular records of each transaction executed by the licensee, records of each outstanding transaction, bank reconciliation records and bank statements received during the course of operation and administration of the money services business of the licensee.
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