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These Regulations may be cited as the Money Services Businesses (Amendment) Regulations, 2019.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Insertion of regulations 6, 7 and 8 in the Money Services Businesses Regulations, 2001 - report on licensee's sub-agent, etc. 2. The Money Services Businesses Regulations, 2001 are amended by inserting after regulation 5 the following regulations \u2014 \u201cReport on licensee\u2019s sub-agent\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"A licensee shall provide to the Authority a report on the licensee\u2019s subagent containing the following details \u2014 (a) the name and address of the sub-agent; (b) the licensee\u2019s assessment of the sub-agent\u2019s compliance with applicable laws; (c) the name of all institutions with which a transaction account is maintained by the sub-agent; Regulation 2 SL 51 of 2019 (d) the report of a risk assessment of the sub-agent\u2019s operations and arrangements; and (e) information as determined by the Authority that enables the Authority to assess the sub-agent\u2019s inherent risks and control risks. Authority may require independent assessment\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"(1) Notwithstanding regulation 6, the Authority may, at the expense of a licensee, require the licensee to have an independent assessment of a sub-agent carried out. (2) An independent assessment under paragraph (1) is subject to the terms of reference agreed to or determined by the Authority. Information from a sub-agent\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"(1)  A licensee shall provide to the Authority, where the licensee proposes to enter into a contract or other arrangement with a subagent, the following information regarding the sub-agent \u2014 (a) the name and address; (b) the type of account to be used by the sub-agent for money services business transactions; (c) the settlement of remittances and reporting systems; (d) the record-keeping systems; (e) the cash security and other internal control systems; (f) the training plan; (g) the procedures in place to ensure compliance with applicable laws; and (h) where the proposed sub-agent is a company \u2014 (i) the ownership and control of the company; and (ii) the information set out in paragraph 8 of the First Schedule. (2) Where a person (\u201can applicant\u201d) who is desirous of carrying on money services business applies to the Authority for a licence and the applicant also proposes to enter into a contract or other arrangement with another person as a sub-agent, the applicant shall, in addition to providing the information set out in the First Schedule, provide to the Authority the information under paragraph (1).\u201d. Regulation 3 SL 51 of 2019\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of First Schedule \u2013 information to be contained in, and to accompany, an application for the grant of a licence 3. The Money Services Businesses Regulations, 2001 are amended in the First Schedule as follows \u2014 (a) by repealing paragraph 6 and substituting the following paragraph \u2014 \u201c6. In respect of \u2014 (a) the approved transaction account, the name and address of the depository institution at which the transaction account is maintained; and (b) the approved arrangement for the purposes of the money services business, the following \u2014 (i) the name and address of the person with whom the licensee proposes to enter into an arrangement; (ii) the details of the arrangement; (iii) the name and address of any other persons involved with the arrangement; (iv) the jurisdiction within which a person under subsubparagraph (iii) operates and the jurisdiction in which the person\u2019s operation is licensed or registered; (v) a statement in writing of whether any of the persons under subsubparagraphs (i) or (iii) are regulated in another jurisdiction; (vi) a statement in writing of whether the arrangement entered into requires approval in another jurisdiction for it to be a valid arrangement; and (vii) the licensee\u2019s risk assessment report.\u201d; and (b) in paragraph 8 as follows \u2014 (i) in subparagraph (a), by deleting the word \u201cfive\u201d and substituting the word \u201cten\u201d; and Regulation 3 SL 51 of 2019 (ii) in subparagraph (l), by inserting after the words \u201cits proposed activities\u201d the words \u201cand the name of any person that the applicant proposes to enter into a contract or other arrangement with as a subagent\u201d. 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and\n(e)\ninformation as determined by the Authority that enables the\nAuthority to assess the sub-agent\u2019s inherent risks and control\nrisks.\nAuthority may require independent assessment\n7.\n(1) Notwithstanding regulation 6, the Authority may, at the expense of\n\na licensee, require the licensee to have an independent assessment of\n\na sub-agent carried out.\n(2) An independent assessment under paragraph (1) is subject to the\nterms of reference agreed to or determined by the Authority.\nInformation from a sub-agent\n8.\n(1)  A licensee shall provide to the Authority, where the licensee\nproposes to enter into a contract or other arrangement with a subagent, the following information regarding the sub-agent \u2014\n(a)\nthe name and address;\n(b) the type of account to be used by the sub-agent for money\nservices business transactions;\n(c)\nthe settlement of remittances and reporting systems;\n(d) the record-keeping systems;\n(e)\nthe cash security and other internal control systems;\n(f)\nthe training plan;\n(g) the procedures in place to ensure compliance with applicable\nlaws; and\n(h) where the proposed sub-agent is a company \u2014\n(i)\nthe ownership and control of the company; and\n(ii) the information set out in paragraph 8 of the First\nSchedule.\n(2) Where a person (\u201can applicant\u201d) who is desirous of carrying on\nmoney services business applies to the Authority for a licence and\nthe applicant also proposes to enter into a contract or other\narrangement with another person as a sub-agent, the applicant shall,\nin addition to providing the information set out in the First\nSchedule, provide to the Authority the information under paragraph\n(1).\u201d.\n\nMoney Services Businesses (Amendment) Regulations, 2019\nRegulation 3\n\nc\nSL 51 of 2019\nPage 5\n\n3.\nAmendment of First Schedule \u2013 information to be contained in, and to\naccompany, an application for the grant of a licence\n3.\nThe Money Services Businesses Regulations, 2001 are amended in the First\nSchedule as follows \u2014\n(a)\nby repealing paragraph 6 and substituting the following paragraph \u2014\n\u201c6. In respect of \u2014\n(a)\nthe approved transaction account, the name and address\nof the depository institution at which the transaction\naccount is maintained; and\n(b) the approved arrangement for the purposes of the money\nservices business, the following \u2014\n(i) the name and address of the person with whom the\nlicensee proposes to enter into an arrangement;\n(ii) the details of the arrangement;\n(iii) the name and address of any other persons involved\nwith the arrangement;\n(iv) the jurisdiction within which a person under\nsubsubparagraph (iii) operates and the jurisdiction in\nwhich the person\u2019s operation is licensed or\nregistered;\n(v) a statement in writing of whether any of the persons\nunder subsubparagraphs (i) or (iii) are regulated in\nanother jurisdiction;\n(vi) a statement in writing of whether the arrangement\nentered into requires approval in another jurisdiction\nfor it to be a valid arrangement; and\n(vii) the licensee\u2019s risk assessment report.\u201d; and\n(b) in paragraph 8 as follows \u2014\n(i)\nin subparagraph (a), by deleting the word \u201cfive\u201d and substituting the\nword \u201cten\u201d; and\n\nRegulation 3\nMoney Services Businesses (Amendment) Regulations, 2019\n\nPage 6\nSL 51 of 2019\nc\n\n(ii) in subparagraph (l), by inserting after the words \u201cits proposed\nactivities\u201d the words \u201cand the name of any person that the applicant\nproposes to enter into a contract or other arrangement with as a subagent\u201d.\n\nMade in Cabinet the 17th day of December, 2019.\nKim Bullings\nClerk of the Cabinet","akn_extracted_at":"2026-06-22 15:41:51.425553+00","cms_id":"2019-0051","law_type":"amending","year":"2019","number":"51","title":"Money Services Businesses (Amendment) Regulations, 2019","status":"spent"},"provenance":{"files":[{"file_id":"6732","expr_id":"1940","kind":"akn_xml","filename":"2019-0051.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2019\/2019-0051\/2019-0051.akn.xml","content_md5":"cf57be06e60cd637b820488d59024714","byte_size":"8025","http_last_modified":null,"fetched_at":"2026-06-22 15:41:51.48648+00"},{"file_id":"3879","expr_id":"1940","kind":"pristine_pdf","filename":"2019-0051.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2019\/2019-0051\/2019-0051.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2019\/2019-0051\/2019-0051.pdf","content_md5":"c95a5c5a4fe386ef1f408147af786629","byte_size":"335399","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.110978+00"},{"file_id":"3880","expr_id":"1940","kind":"working_pdf","filename":"2019-0051.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2019\/2019-0051\/2019-0051.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2019\/2019-0051\/2019-0051.pdf","content_md5":"c95a5c5a4fe386ef1f408147af786629","byte_size":"335399","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.110978+00"}],"paragraph_count":14,"latest_history":null},"quality":{"expr_id":"1940","doc_id":"1940","quality_state":"needs_review","quality_score":"92","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 2}","finding_summary":"repeated line furniture detected: sl 51 of 2019 x7; money services businesses amendment regulations 20 x4; duplicate-line ratio is 12.93%","assessed_at":"2026-06-22 15:29:46.512991+00","updated_at":"2026-06-22 15:29:46.512991+00"}}