{"kind":"expression","expression":{"expr_id":"572","doc_id":"572","label":"2024 Revision","is_as_enacted":"f","commenced_on":"2024-02-08","superseded_on":null,"valid_from":"2024-02-08","valid_to":null,"is_current":"t","incorporating":"[\"Act 56\/2020 - Citation of Acts of Parliament Act, 2020 - LG89\/2020\/s1 - 3-Dec-2020\", \"Act 5\/2023 - Money Services (Amendment) Act, 2023 - LG16\/2023\/s5 - 26-May-2023\"]","akn_expr_iri":"\/akn\/ky\/act\/2000\/13\/eng@2024-02-08","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/2000\/13\", \"expression\": \"\/akn\/ky\/act\/2000\/13\/eng@2024-02-08\", \"manifestation\": \"\/akn\/ky\/act\/2000\/13\/eng@2024-02-08.pdf\"}, \"pdf\": {\"md5\": \"dc6000668dce4acacb0a8a9e42db4734\", \"path\": \"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/2000\/2000-0013\/2000-0013_2024 Revision.pdf\", \"pages\": 24, \"filename\": \"2000-0013_2024 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 7447, \"paragraph_count\": 32, \"text_char_count\": 47748}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"ENDNOTES Money Services Act (2024 Revision) (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title 1. This Act may be cited as the Money Services Act (2024 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Interpretation 2. In this Act \u2014 \u201cAuthority\u201d means the Cayman Islands Monetary Authority established under section 5(1) of the Monetary Authority Act (2020 Revision) and includes any employee of the Cayman Islands Monetary Authority acting under the Authority\u2019s authorisation; \u201cCourt\u201d means the Grand Court; \u201cexempted limited partnership\u201d has the meaning assigned by section 2 of the Exempted Limited Partnership Act (2021 Revision); \u201cfinancial year\u201d, in relation to a licensee, means the period not exceeding fiftythree weeks at the end of which the balance of the licensee\u2019s accounts is struck or, if no such balance is struck or if a period in excess of fifty-three weeks is employed, then a calendar year; \u201clicence\u201d means a licence granted under section 5; \u201clicensee\u201d means a person holding a licence under this Act; \u201climited liability partnership\u201d means a limited liability partnership registered under section 18(4) or 33(4) of the Limited Liability Partnership Act (2023 Revision); Money Services Act (2024 Revision) \u201cmoney services business\u201d means the business of providing, in or from within the Islands, any of the following services \u2014 (a) money transmission; (b) cheque cashing; (c) currency exchange; (d) the issuance, sale or redemption of money orders or traveller\u2019s cheques; and (e) such other services as the Cabinet may specify by notice published in the Gazette; and \u201cnet worth\u201d means excess assets over liabilities as presented under applicable generally accepted accounting principles subject to adjustment for non-admitted assets as determined by the Authority; \u201cpartnership\u201d has the meaning assigned by section 3 of the Partnership Act (2013 Revision); and \u201csub-agent\u201d means a person who provides any of the services specified in paragraphs (a) to (e) in the definition of \u201cmoney services business\u201d on behalf of a licensee pursuant to \u2014 (a) a contract between the sub-agent and the licensee; or (b) an arrangement between the sub-agent and the licensee;\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Extent of the Act 3. (1) This Act does not apply to \u2014 (a) a person who the Authority determines is not providing a service under paragraph (a) of the definition of \u201cmoney services business\u201d; or (b) any of the following persons \u2014 (i) a person licensed under the Banks and Trust Companies Act (2020 Revision) to carry on money services business in conjunction with other business; (ii) a building society licensed under the Building Societies Act (2020 Revision); or (iii) a cooperative society registered under the Cooperative Societies Act (2020 Revision) and carrying on money services business, unless the licensed person, building society or cooperative society is operating as an agent or franchise holder of a money services business. (2) No money services business which is licensed under this Act is required to be licensed under the Trade and Business Licensing Act (2019 Revision). Money Services Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Licence required to carry on money services business 4. (1) Subject to section 3(2), any person who carries on money services business without first obtaining a licence under section 5, commits an offence. (2) A person who commits an offence under subsection (1) is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for one year and, in the case of a continuing offence, to a fine of one thousand dollars for each day during which the offence continues.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Application for, and grant of, licence 5. (1) Any person desirous of carrying on money services business, shall make an application in writing to the Authority for the grant of a licence. (2) An application for a licence shall contain such information and particulars and shall be accompanied by such details and things as may be prescribed. (3) The Authority may grant a licence in the prescribed form, subject to such terms and conditions, at the time of licensing or any time thereafter as the Authority may consider appropriate having regard to the nature, risk and scale of the business. (4) The application shall be accompanied by the prescribed application fee which shall be forwarded by the Authority to the Financial Secretary for the benefit of the revenue. (5) A licence shall not be granted in respect of a money services business unless the person applying for the licence has, in the Islands, a place of business approved by the Authority, which will be the principal office, in the Islands, for that money services business. (6) A licence granted under subsection (3) shall be granted for the carrying on of money services business within the Islands but subject to such conditions as may be prescribed by this Act or imposed by the Authority. (7) It is a condition of every licence that the licensee \u2014 (a) shall not change its name without the prior approval of the Authority; (b) shall not cease to have a principal office in the Islands; (c) shall not change its principal office in the Islands without the prior approval of the Authority; and (d) shall notify the Authority forthwith of any change in the information supplied in the application for the licence. (8) Conditions imposed by the Authority under subsection (6) may at any time be varied or revoked by the Authority. (9) Every holder of a licence shall, on or before every 15th day of January after the first grant of the licence, pay \u2014 Money Services Act (2024 Revision) (a) the prescribed annual fee for a licence to carry on a money services business; and (b) the prescribed annual fee for each subsidiary, branch, agency or representative office of that business, and, except where the Authority waives the surcharge, there shall be payable by a licensee who fails to pay the prescribed annual fees by that date, a surcharge not exceeding one-twelfth of that fee for every month or part of a month that the fee is not paid. (10) Without prejudice to subsections (1) to (9), if the annual fee referred to in subsection (9) is not paid by the holder of a licence on or before every 15th day of January after the first grant of the licence, the unpaid annual fee may be sued for by the Crown by action as a civil debt and the Crown may require, and the court may order, the payment of any penalties accrued in respect of the late payment of the fee. (11) The Authority may refuse to grant a licence if the Authority is of the opinion that the person applying for the licence would fail to fulfil the obligations of a licensee under this Act. (12) In subsection (10) \u2014 \u201ccourt\u201d means the Grand Court or a court of summary jurisdiction, as the case may be. 5A. Requirement for account or arrangement approved by Authority 5A. Every licensee shall \u2014 (a) maintain at least one account as approved by the Authority; or (b) enter into an arrangement as agreed by the Authority, through which its money services business transactions are to be conducted.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Net worth requirements 6. (1) The Authority shall not grant a licence to a person whose net worth is less than thirty thousand dollars or its equivalent in other currencies. (2) It is a condition of every licence that the licensee shall maintain its net worth at an amount not less than that prescribed by subsection (1). (3) When the Authority has reasonable cause to believe that there are grounds for doing so, the Authority may require a licensee to increase its net worth by increasing its paid-up capital to such greater sum as the Authority may determine for the nature of the licensee\u2019s business, current or proposed. Money Services Act (2024 Revision) 6A. Shares not to be issued or transferred without approval of Authority 6A. (1) Shares totaling more than ten per cent of the authorised share capital of a company that is a licensee under this Act shall not be issued, and issued shares totaling more than ten per cent of the issued share capital or total voting rights of a company that is a licensee under this Act shall not be transferred or disposed of in any manner, without the prior written approval of the Authority. (2) The licensee shall provide the information under subsection (1) to the Authority within such period of time as the Authority may require, in order that the Authority may assess whether a person acquiring control or ownership of such shares or voting rights in thelicensee is a fit and proper person to have such control or ownership. (3) The Authority may exempt a licensee whose shares, or those of its parent body (if any), are publicly traded on a stock exchange recognised by the Authority from the requirements under subsection (1) and any such exemption shall be subject to \u2014 (a) a condition that the licensee shall, as soon as reasonably practicable, notify the Authority in writing of \u2014 (i) any change in control of the licensee; (ii) the acquisition by any person or group of persons of shares representing more than ten per cent of the licensee\u2019s issued share capital or total voting rights; or (iii) the acquisition by any person or group of persons of shares representing more than ten per cent of the issued share capital or total voting rights of the licensee\u2019s parent company; (b) a condition that the licensee shall, as soon as reasonably practicable, provide such information to the Authority, within such period of time as the Authority may require, for the purpose of assessing whether persons acquiring control or ownership of the licensee in the circumstances set out in paragraph (a) are fit and proper persons to have such control or ownership; and (c) such terms and conditions as the Authority may consider necessary. (4) In subsection (1), the reference to shares being transferred or disposed of includes the transfer or disposal of \u2014 (a) the legal interest in the shares; and (b) any beneficial interest in the shares. (5) For the avoidance of doubt, the references in this section to shares totaling more than ten per cent include cumulative acquisition of shares or voting rights which may be less than ten per cent but which amount to more than ten per cent of the authorised share capital of a company. Money Services Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Advertisement of money services business 7. (1) No person, other than a licensee, shall \u2014 (a) use words representing that that person is carrying on money services business, in English or in any other language, in the description or title under which that person carries on business within the Islands; (b) make any representation in any billhead, letter, letterhead, circular, paper, notice or advertisement or in any other manner that that person is carrying on money services business within the Islands; or (c) in any manner solicit or receive money from any person for the purpose of carrying on money services business within the Islands. (2) The Authority may refuse to grant a licence to a person, or if a person is already in possession of a licence, the Authority may revoke the licence, if, in the Authority\u2019s opinion, such person is carrying on or intending to carry on money services business under a name which \u2014 (a) is identical with that of any company, firm or business house, whether within the Islands or not, or which so nearly resembles that name as to be calculated to deceive; (b) is calculated to suggest, falsely, the patronage of or connection with some person or authority, whether within the Islands or not; or (c) is calculated to suggest, falsely, that the money services business has a special status in relation to or derived from the Government, has the official backing of or acts on behalf of the Government or any department, branch, agency or organ of Government, or of any officer thereof, or is recognised in the Islands as a national or central money services business. (3) Any person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of five thousand dollars and to imprisonment for six months and, in the case of a continuing offence, to a fine of five hundred dollars for each day during which the offence continues.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Accounting records and systems of business control 8. (1) Every licensee shall, in respect of its money services business \u2014 (a) cause accounting records to be kept; and (b) establish and maintain systems of control of the business and records, and systems of inspection and report, in accordance with this section. (2) The accounting records of a licensee shall \u2014 (a) explain its transactions; Money Services Act (2024 Revision) (b) disclose, with reasonable accuracy and promptness, the state of the business at any time; (c) enable the directors properly to discharge their duties; and (d) enable the business properly to discharge its duties. (3) The accounting records shall, in particular, contain \u2014 (a) entries from day to day of all sums received and paid by the business and the matters in respect of which they are received or paid; and (b) a record of the assets and liabilities of the business. (4) The systems of control and of inspection and report shall secure that the money services business is so conducted and its records so kept that \u2014 (a) the information necessary to enable the directors and the business to discharge their duties and functions is sufficiently accurate, and is available with sufficient regularity or at need and with sufficient promptness, for those purposes; and (b) the information obtained by or furnished to the Authority under or for the purposes of this Act is sufficiently accurate for the purpose for which it is obtained or furnished. 8A. Compliance with anti-money laundering procedures 8A. (1) A licensee and any sub-agent of the licensee shall, in respect of the money services business, take such steps as may be necessary to comply with the AntiMoney Laundering Regulations (2020 Revision) and such rules or statements of principle or guidance as may be prescribed by the Authority that are consistent with anti-money laundering procedures and the combatting of terrorist financing. (2) A licensee shall monitor the compliance of the licensee\u2019s sub-agent, if any, with the prescribed rules or statements of principle or guidance under subsection (1) and may be required by the Authority to provide a report on the compliance in such form and subject to such conditions as may be prescribed. (3) The report under subsection (2) shall be subject to such conditions as the Authority may consider necessary. (4) A licensee and the licensee\u2019s sub-agent, if any, shall comply with the Authority where the Authority requires specified information or documents in accordance with section 34(8) of the Monetary Authority Act (2020 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Returns 9. Every holder of a licence shall, at such times as may be specified by the Authority, furnish to the Authority \u2014 Money Services Act (2024 Revision) (a) written confirmation that the information set out in the application for the licence remains correct, and gives a full and fair picture of its money services business; and (b) such returns in respect of its money services business as the Authority may specify in writing, in such form as the Authority may reasonably require.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Accounts 10. (1) Every licensee shall have the accounts of its money services business audited annually or at such other times as the Authority may require by an auditor, who shall be a chartered accountant, a certified public accountant, or some other professionally qualified accountant, approved by the Authority. (2) The audited accounts shall be forwarded to the Authority within three months of the end of the financial year of the licensee\u2019s money services business, unless prior written approval for an extension has been granted by the Authority.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Auditor\u2019s certificate 11. The Authority may, at the expense of the licensee, require the licensee to obtain an auditor\u2019s report on the licensee\u2019s anti-money laundering systems and procedures for compliance with the Anti-Money Laundering Regulations (2023 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Authority may summon auditor 12. (1) The Authority may summon the auditor or any former auditor of a licensee\u2019s money services business for the purpose of making enquiries into the operations and financial position of the business. (2) Where an auditor is summoned under subsection (1), the Authority shall in writing notify the licensee concerned which shall have the right to attend any meeting held by the Authority with the auditor.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Auditor\u2019s notice of resignation 13. Where an auditor appointed by a licensee \u2014 (a) intends to resign during the currency of that person\u2019s appointment; or (b) has given written notice to the licensee of that person\u2019s unwillingness to be considered for reappointment at the expiration of the period for which that person is appointed, the auditor shall give written notice to the Authority accordingly, and shall in such notice state the reasons for that person\u2019s intention to resign or that person\u2019s unwillingness to be considered for reappointment.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Notice of termination of auditor\u2019s appointment 14. Where a licensee \u2014 Money Services Act (2024 Revision) (a) intends to terminate the appointment of its auditor; or (b) decides that the auditor shall not be reappointed, the licensee concerned shall notify the Authority accordingly, and shall in such notification state the reason for such intention or decision. 14A. Obligations of auditors 14A. (1) Where an auditor, in the course of carrying out an audit of the accounts of a licensee, obtains information or suspects that the licensee is \u2014 (a) unable or likely to become unable to meet its obligations as they fall due; (b) carrying on or attempting to carry on business or is winding up its business voluntarily in a manner that is prejudicial to its investors or creditors; (c) carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow its accounts to be properly audited; (d) carrying on or attempting to carry on business in a fraudulent or criminal manner; or (e) carrying on or attempting to carry on business without compliance with \u2014 (i) this Act or any regulations made hereunder; (ii) the Monetary Authority Act (2020 Revision); (iii) the Anti-Money Laundering Regulations (2023 Revision); or (iv) a condition of the licence, the auditor shall immediately give the Authority written notice of the information or suspicion and, in the case of suspicion, the reason for that suspicion. (2) Without prejudice to subsection (8), where it appears to the Authority that an auditor has failed to comply with subsection (1), the Authority may disqualify the auditor from being an auditor of a licensee and the Authority may remove any disqualification imposed under this subsection if it is satisfied that the auditor in question will comply with subsection (1) in the future. (3) A licensee shall not appoint as an auditor a person who is disqualified under subsection (2). (4) Where the Authority has granted approval of an auditor under this Act, the approval may be revoked by the Authority if it is of the opinion that the auditor is not sufficiently competent to carry out an audit of the accounts of a licensee or that the auditor is incapable of carrying out the audit objectively. (5) No person carrying out or charged with the carrying out of any duty, obligation or function under this section shall be liable to any other person for anything done or omitted to be done in respect of the discharge or purported discharge of that duty, obligation or function unless it is shown that the act or omission was in bad faith. Money Services Act (2024 Revision) (6) A reference in this section to an auditor carrying out an audit of the accounts of a licensee includes an auditor who was engaged to carry out such audit or who was in the course of carrying out such an audit but resigned before carrying out or completing the audit or whose contract to carry out or complete the audit was otherwise terminated. (7) Nothing in subsection (1) shall impose on an auditor carrying out an audit of the accounts of a licensee an obligation to do anything that the person would not otherwise be required to do in accordance with generally accepted auditing standards, other than the obligation to provide notice and reasons to the Authority. (8) A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Consequences of auditor\u2019s disclosure 15. An auditor or former auditor of a licensee shall not be regarded as being in breach of that person\u2019s duty to the licensee in consequence of any disclosure to the Authority under sections 11 to 14.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Prohibitions on certain licensees 16. A licensee incorporated under the Companies Act (2023 Revision) shall not, without the prior written approval of the Authority, open, in or outside the Islands, a subsidiary, branch, agency or representative office.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Number and approval of directors 17. (1) A licensee shall, at no time, have less than two directors. (2) Unless exempted from such a requirement by the Authority, a licensee shall, before the appointment of a director or other senior officer, apply to the Authority for its written approval of such appointment. (3) Approval granted under subsection (2) \u2014 (a) lapses if the director or senior officer becomes bankrupt or is convicted of an offence involving dishonesty; and (b) may be revoked by the Authority.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Powers and duties of the Authority 18. (1) It is the duty of the Authority \u2014 (a) to maintain a general review of money services business practice in the Islands; (b) whenever the Authority thinks fit, to examine the affairs or business of any licensee carrying on business within the Islands for the purpose of satisfying itself that this Act has been or is being complied with, and that Money Services Act (2024 Revision) the licensee is in a sound financial position and is carrying on its business in a satisfactory manner; (c) to assist in the investigation of any offence against the laws of the Islands which the Authority has reasonable grounds to believe has or may have been committed by a licensee or by any of its directors or officers in their capacity as such; and (d) to examine \u2014 (i) returns furnished to the Authority under section 9; and (ii) audited annual accounts forwarded to the Authority under section 10, and to report on them to the Cabinet whenever the Authority thinks fit. (2) In matters relating to money services business, the Authority shall take all necessary action to ensure the proper and just implementation of this Act. (3) In the performance of its functions under this Act and subject to the Monetary Authority Act (2020 Revision), the Authority is entitled at all reasonable times \u2014 (a) to have access to such books, records, vouchers, documents, cash and securities of any licensee; (b) to request such information, matter or thing from any person who the Authority has reasonable grounds to believe is carrying on money services business in contravention of section 4(1); and (c) to call upon the manager of the licensee or any similar person, or any officer designated by either of them, for such information or explanation, as the Authority may reasonably require for the purpose of enabling it to perform its functions under this Act; and information requested under paragraph (b) shall be provided in such form as the Authority may reasonably require. (4) If it appears to the Authority that there is reasonable ground for suspecting that an offence against this Act has been or is being committed by any person, the Authority may, with the approval of the Court, take such action as it considers necessary, in the interest of the customers of a licensee or creditors of that person, to preserve any assets held by that person. (5) Any person who fails to comply with any requirement under subsection (3) by the Authority commits an offence and is liable on summary conviction to a fine of five thousand dollars and to imprisonment for six months.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Powers of Authority in respect of licensees 19. (1) Whenever the Authority is of the opinion that \u2014 (a) a licensee is or appears likely to become unable to meet its obligations as they fall due; Money Services Act (2024 Revision) (b) a licensee is carrying on business in a manner detrimental to the public interest or the interest of its customers or creditors; (c) a licensee has contravened this Act; (d) a licensee has failed to comply with a condition of its licence; or (e) there has been or is, on the part of a licensee or its directors, a failure to satisfy any one or more of the criteria of prudent management set out in section 20(1), the Authority may forthwith do any of the following \u2014 (i) revoke the licence; (ii) impose conditions, or further conditions, as the case may be, upon the licence and may amend or revoke any such condition; (iii) require the substitution of any director or officer of the licensee; (iv) at the expense of the licensee, appoint a person to advise the licensee on the proper conduct of its affairs and to report to the Authority thereon within three months of the date of that person\u2019s appointment; (v) at the expense of the licensee, appoint a person to assume control of the licensee\u2019s affairs who shall, with any necessary changes, have all the powers of a person appointed, under section 18 of the Bankruptcy Act (1997 Revision), as a receiver or manager of a business; and (iv) require such action to be taken by the licensee as the Authority considers necessary. (2) Notwithstanding section 27(1), a licensee may, within seven days of the Authority\u2019s decision to revoke a licence under subsection (1)(i), apply to the Authority for a reconsideration of its decision. (3) A person appointed under subsection (1)(iv) or (v) or whose appointment has been extended under subsection (4)(b) shall from time to time at that person\u2019s discretion and in any case within three months of the date of that person\u2019s appointment or of the extension of that person\u2019s appointment (as the case may be), prepare and furnish a report to the Authority of the affairs of the licensee and of that person\u2019s recommendations thereon. (4) On receipt of a report under subsection (3), the Authority may \u2014 (a) revoke the appointment of the person appointed under subsection (1)(iv) or (v); (b) extend the period of that person\u2019s appointment; (c) subject to such conditions as the Authority may impose, allow the licensee to reorganise its affairs in a manner approved by the Authority; (d) revoke the licence and apply to the Court for an order that the licensee be forthwith wound up by that Court in which case the provisions of the Money Services Act (2024 Revision) Companies Act (2023 Revision) relating to the winding up of a company by that Court shall, with any necessary changes, apply. (5) Notwithstanding any provision in this section, the Authority may revoke a licence if the licensee \u2014 (a) has ceased to carry on money services business; or (b) goes into liquidation or is wound up or otherwise dissolved. (6) Whenever the Authority revokes a licence under subsection (1)(i), (4)(d) or (5), the Authority shall cause notice of such revocation to be gazetted, and may also cause such notice to be published (whether within the Islands or elsewhere) in such newspaper or other publication as the Authority may consider necessary in the circumstances.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Criteria of prudent management. 20. (1) For the purposes of section 19(1)(e), the criteria of prudent management are \u2014 (a) maintenance of \u2014 (i) adequate reserves and other capital resources; (ii) adequate assets in liquid form; (iii) a system for managing and containing risks to the net worth of the licensee\u2019s business and risks to its net income, whether arising from fluctuations in interest or exchange rates or from other factors; and (iv) the requisite accounting records and systems of control of business and of inspection and report; (b) direction and management conducted with prudence and integrity by a sufficient number of persons who are fit and proper to be directors or, as the case may be, officers in their respective positions; and (c) conduct of the licensee\u2019s business with adequate professional skills. (2) The following provisions apply for the interpretation of the list of criteria in subsection (1) in their application to a licensee\u2019s business \u2014 \u201cadequate\u201d, except with reference to liquidity, means adequate having regard to the range and scale of the business; \u201cadequate\u201d, with reference to liquidity, means of such proportion and composition as will at all times enable the business to meet its liabilities as they arise and \u201cliquid form\u201d, in relation to assets, shall be construed accordingly; \u201cbusiness\u201d includes business the licensee proposes to conduct; \u201crequisite\u201d, with reference to accounting records and systems of control, means such as are required by section 8; \u201csufficient\u201d, with reference to the number of directors and officers, means sufficient having regard to the range and scale of the business. Money Services Act (2024 Revision) (3) In determining for the purposes of subsection (1)(b) whether a person is a fit and proper person to hold a particular position in a licensee\u2019s business, regard shall be had, in particular \u2014 (a) to that person\u2019s probity; (b) to that person\u2019s competence and soundness of judgement for fulfilling the responsibilities of that position; (c) to the diligence with which that person is fulfilling or likely to fulfil those responsibilities; and (d) to whether the interests of customers of the business are, or are likely to be, in any way threatened by that person\u2019s holding that position. (4) Nothing in this section shall give rise to any claim against a licensee\u2019s directors or money services business, or afford a defence to any claim made by a money services business.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Authority may apply to Court to preserve customers\u2019 interests 21. The Authority may, in any case in which a licensee, or a person who has at any time been a licensee, is being wound up voluntarily, apply to the Court if the Authority considers that the winding up is not being conducted in the best interests of the licensee\u2019s customers or creditors, and the Court shall make such order as it considers appropriate.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Rules 22. The Chief Justice may make rules governing the procedure in relation to applications to the Court under section 18(4), 19(4)(d) or 21.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"Power of search 23. (1) If a Magistrate or Justice of the Peace is satisfied by information on oath given by the Authority that \u2014 (a) there is reasonable ground for suspecting that an offence against this Act has been or is being committed and that evidence of the commission of the offence is to be found at any premises specified in the information, or in any vehicle, vessel or aircraft so specified; or (b) any books, records, vouchers, documents, cash or securities which ought to have been produced under section 18(3) and have not been produced are to be found at any such premises or in any such vehicle, vessel or aircraft, that person may grant a search warrant authorising the Authority or any constable of the rank of Inspector or above, together with any other person named in the warrant and any other constables to enter the premises specified in the information or, as the case may be, any premises upon which the vehicle, vessel or aircraft so specified may be, at any time within one month from the Money Services Act (2024 Revision) date of the warrant, and to search such premises or, as the case may be, such vehicle, vessel or aircraft. (2) The person authorised by any such warrant to search any premises or any vehicle, vessel or aircraft may search every person who is found in or whom that person has reasonable grounds to believe to have recently left or to be about to enter those premises or that vehicle, vessel or aircraft, as the case may be, and may seize any books, records, vouchers, documents, cash or securities found in the possession of any such person or in such premises or in such vehicle, vessel or aircraft which that person has reasonable grounds for believing ought to have been produced under section 18(3). (3) No female shall, in pursuance of any warrant issued under this section, be searched except by a female. (4) Where under this section a person has any power to enter any premises, that person may use such force as is reasonably necessary for the purpose of exercising that power. (5) Any person who obstructs the Authority or any other person in the exercise of any powers conferred under this section, commits an offence and is liable on summary conviction to a fine of five thousand dollars and to imprisonment for six months.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"False or misleading information 24. Any licensee or any director or officer of a licensee who knowingly or wilfully supplies false or misleading information to the Authority, commits an offence and is liable on summary conviction to a fine of two thousand dollars and to imprisonment for three months.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"General penalty 25. Any person who contravenes any provision or requirement of this Act for which no offence is specifically created commits an offence and is liable on summary conviction to a fine of two thousand dollars and to imprisonment for three months.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Offences by corporations, partnerships, limited liability partnerships etc. 26. (1) Where an offence under this Act which has been committed by a body corporate, is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of any director, manager, secretary or other officer of the body corporate or any person who was purporting to act in any such capacity, that person, as well as the body corporate commits that offence and is liable to be proceeded against and punished accordingly. (2) Where the affairs of a body corporate are managed by its members, subsection (1) shall apply in relation to the acts and defaults of the member in Money Services Act (2024 Revision) connection with that person\u2019s functions of management as if that person were a director of the body corporate. (3)  Where an offence under this Act is committed by a partnership, a limited liability partnership or an exempted limited partnership and it is proved that the offence \u2014 (a)  was committed with the consent or connivance of; or (b)  is attributable to any neglect on the part of, a partner concerned in the management or control of a partnership or a limited liability partnership, or a partner who takes part in the conduct of the business of an exempted limited partnership, that partner, as well as the partnership, the limited liability partnership or the exempted limited partnership, as applicable, commits the offence and is liable to be proceeded against and punished accordingly. (4)  Where an offence under this Act is committed by an unincorporated association other than a partnership, a limited liability partnership or an exempted limited partnership and it is proved that the offence \u2014 (a)  was committed with the consent or connivance of; or (b)  is attributable to neglect on the part of, a person concerned in the management or control of the unincorporated association, that person, as well as the unincorporated association, commits the offence and is liable to be proceeded against and punished accordingly.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Appeals 27. (1) An appeal lies to the Court from any decision of the Authority \u2014 (a) revoking a licence under section 7(2), 19(1)(i), 19(4)(d) or 19(5); or (b) requiring a licensee to take certain steps which the Authority may specify under section 19. (2) An appeal against the decision of the Authority shall be by motion. (3) The appellant, within twenty-one days after the day on which the Authority has given its decision, shall serve a notice in writing signed by the appellant or that person\u2019s attorney-at-law on the Authority of that person\u2019s intention to appeal and of the general ground of that person\u2019s appeal. (4) Any person aggrieved by a decision of the Authority may, upon notice to the Authority, apply to the Court for leave to extend the time within which the notice of appeal prescribed by this section may be served and the Court upon the hearing of such application may extend the time prescribed by this section as it considers fit. (5) The Authority shall, upon receiving the notice of appeal, transmit to the Clerk of the Court without delay a copy of the decision and all papers relating to the Money Services Act (2024 Revision) appeal, but the Authority is not compelled to disclose any information if it is considered that the public interest would suffer by such disclosure. (6) The Clerk of Court shall set the appeal down for argument on such day, and shall cause notice of the same to be published in such manner, as the Court may direct. (7) At the hearing of the appeal the appellant shall, before going into the case, state all the grounds of appeal on which that person intends to rely and shall not, unless by leave of the Court, go into any matters not raised by such statements. (8) The Court may adjourn the hearing of an appeal and may, upon the hearing thereof confirm, reverse, vary or modify the decision of the Authority or remit the matter with the opinion of the Court thereon to the Authority. (9) An appeal against a decision of the Authority shall not have the effect of suspending the execution of such decision.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Immunity 28. The Authority shall not be liable in damages for anything done or omitted in the discharge or purported discharge of its functions under this Act, unless it is shown that the act or omission was in bad faith.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Regulations 29. The Cabinet may make regulations \u2014 (a) to control the form of advertising by licensees; (b) to prescribe fees payable under this Act; (c) to prescribe the information and particulars to be contained in an application for a licence and the details and things to accompany the application; (d) to prescribe the forms of licences and other documents to be used for the purposes of, and in connection with, this Act; (e) to provide for the formation and maintenance, by the Authority, of a record of licensees; and (f) generally for carrying this Act into effect.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Policy directions. 30. (1) The Authority may, from time to time, issue policy directions for the guidance of licensees in the exercise of their duties under this Act, and it shall be the duty of each licensee to put into effect and to carry out such directions. (2) Any licensee or any officer of a licensee who fails to comply with any direction issued under subsection (1), commits an offence and is liable on summary conviction to a fine of five thousand dollars and to imprisonment for six months. Money Services Act (2024 Revision) 30A. Transaction fee 30A. (1) Every licensee shall pay, into the revenues of the Islands, a transaction fee in the amount of 2% of the gross amount transferred overseas up to a maximum of ten dollars for each transaction. (2) The amount payable pursuant to subsection (1) shall be submitted on a quarterly basis in such form as the Authority may prescribe. (3) A licensee who fails to submit the fee specified in subsection (1) shall incur a surcharge not exceeding one-twelfth of that fee for every month or part of a month that the fee is not paid.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Repealed 31. Repealed by section 10 of the Money Services (Amendment) Law, 2019 [Law 19 of 2019]. Publication in consolidated and revised form authorised by the Cabinet this 30th day of January, 2024. Kim Bullings Clerk of Cabinet Money Services Act (2024 Revision) ENDNOTES ENDNOTES Table of Legislation History: SL # Act\/Law # Legislation Commencement Gazette 5\/2023 Money Services (Amendment) Act, 2023 26-May-2023 LG16\/2023\/s5 56\/2020 Citation of Acts of Parliament Act, 2020 3-Dec-2020 LG89\/2020\/s1 Money Services Law (2020 Revision) 14-Jan-2020 LG5\/2020\/s9 19\/2019 Money Services (Amendment) Law, 2019 8-Aug-2019 LG28\/2019\/S10 Money Services Law (2010 Revision) 8-Nov-2010 G23\/2010\/S12 35\/2009 Money Services (Amendment) Law, 2009 29-Dec-2009 GE91\/2009\/S6 Money Services Law (2003 Revision) 14-Jul-2003 G14\/2003\/S2 36\/2003 Money Services (Amendment) Law, 2002 (Commencement) Order, 2003 12-Mar-2003 GE10\/2003\/S5 38\/2002 Money Services (Amendment) Law, 2002 17-Mar-2003 GE5\/2003\/S6 13\/2000 Money Services Law, 2000 20-Nov-2000 G24\/2000\/S2 ENDNOTES Money Services Act (2024 Revision) (Price: $4.80)\", \"element\": \"section\", \"heading\": null}], \"meta\": 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December, 2009\nLaw 19 of 2019-26th July, 2019\nAct 56 of 2020-7th December, 2020\nAct 5 of 2023-28th April, 2023.\n\nConsolidated and revised this 31st day of December, 2023.\n\nNote (not forming part of this Act): This Revision replaces the 2020 Revision which\nshould now be discarded.\n\nMoney Services Act (2024 Revision)\nArrangement of Sections\n\nc\nRevised as at 31st December, 2023\nPage 3\n\nCAYMAN ISLANDS\n\nMONEY SERVICES ACT\n(2024 Revision)\nArrangement of Sections\nSection\nPage\n1.\nShort title ...................................................................................................................................5\n2.\nInterpretation .............................................................................................................................5\n3.\nExtent of the Act ........................................................................................................................6\n4.\nLicence required to carry on money services business ..............................................................7\n5.\nApplication for, and grant of, licence ..........................................................................................7\n5A.\nRequirement for account or arrangement approved by Authority................................................8\n6.\nNet worth requirements..............................................................................................................8\n6A.\nShares not to be issued or transferred without approval of Authority ..........................................9\n7.\nAdvertisement of money services business.............................................................................. 10\n8.\nAccounting records and systems of business control ............................................................... 10\n8A.\nCompliance with anti-money laundering procedures ................................................................ 11\n9.\nReturns .................................................................................................................................... 11\n10.\nAccounts .................................................................................................................................. 12\n11.\nAuditor\u2019s certificate .................................................................................................................. 12\n12.\nAuthority may summon auditor ................................................................................................ 12\n13.\nAuditor\u2019s notice of resignation .................................................................................................. 12\n14.\nNotice of termination of auditor\u2019s appointment ......................................................................... 12\n14A. Obligations of auditors ............................................................................................................. 13\n15.\nConsequences of auditor\u2019s disclosure ...................................................................................... 14\n16.\nProhibitions on certain licensees .............................................................................................. 14\n17.\nNumber and approval of directors ............................................................................................ 14\n18.\nPowers and duties of the Authority ........................................................................................... 14\n19.\nPowers of Authority in respect of licensees .............................................................................. 15\n20.\nCriteria of prudent management. ............................................................................................. 17\n21.\nAuthority may apply to Court to preserve customers\u2019 interests ................................................. 18\n\nArrangement of Sections\nMoney Services Act\n\nPage 4\nRevised as at 31st December, 2023\nc\n\n22.\nRules ....................................................................................................................................... 18\n23.\nPower of search ....................................................................................................................... 18\n24.\nFalse or misleading information ............................................................................................... 19\n25.\nGeneral penalty ....................................................................................................................... 19\n26.\nOffences by corporations, partnerships, limited liability partnerships etc. ................................. 19\n27.\nAppeals ................................................................................................................................... 20\n28.\nImmunity .................................................................................................................................. 21\n29.\nRegulations ............................................................................................................................. 21\n30.\nPolicy directions. ...................................................................................................................... 21\n30A. Transaction fee ........................................................................................................................ 22\n31.\nRepealed ................................................................................................................................. 22\nENDNOTES\n23\nTable of Legislation History: .............................................................................................................. 23\n\nMoney Services Act (2024 Revision)\nSection 1\n\nc\nRevised as at 31st December, 2023\nPage 5\n\nCAYMAN ISLANDS\n\nMONEY SERVICES ACT\n(2024 Revision)\n\n1.\nShort title\n1.\nThis Act may be cited as the Money Services Act (2024 Revision).\n2.\nInterpretation\n2.\nIn this Act \u2014\n\u201cAuthority\u201d means the Cayman Islands Monetary Authority established under\nsection 5(1) of the Monetary Authority Act (2020 Revision) and includes any\nemployee of the Cayman Islands Monetary Authority acting under the\nAuthority\u2019s authorisation;\n\u201cCourt\u201d means the Grand Court;\n\u201cexempted limited partnership\u201d has the meaning assigned by section 2 of the\nExempted Limited Partnership Act (2021 Revision);\n\u201cfinancial year\u201d, in relation to a licensee, means the period not exceeding fiftythree weeks at the end of which the balance of the licensee\u2019s accounts is struck\nor, if no such balance is struck or if a period in excess of fifty-three weeks is\nemployed, then a calendar year;\n\u201clicence\u201d means a licence granted under section 5;\n\u201clicensee\u201d means a person holding a licence under this Act;\n\u201climited liability partnership\u201d means a limited liability partnership registered\nunder section 18(4) or 33(4) of the Limited Liability Partnership Act (2023\nRevision);\n\nSection 3\nMoney Services Act (2024 Revision)\n\nPage 6\nRevised as at 31st December, 2023\nc\n\n\u201cmoney services business\u201d means the business of providing, in or from within\nthe Islands, any of the following services \u2014\n(a)\nmoney transmission;\n(b) cheque cashing;\n(c)\ncurrency exchange;\n(d) the issuance, sale or redemption of money orders or traveller\u2019s cheques;\nand\n(e)\nsuch other services as the Cabinet may specify by notice published in the\nGazette; and\n\u201cnet worth\u201d means excess assets over liabilities as presented under applicable\ngenerally accepted accounting principles subject to adjustment for non-admitted\nassets as determined by the Authority;\n\u201cpartnership\u201d has the meaning assigned by section 3 of the Partnership Act\n(2013 Revision); and\n\u201csub-agent\u201d means a person who provides any of the services specified in\nparagraphs (a) to (e) in the definition of \u201cmoney services business\u201d on behalf\nof a licensee pursuant to \u2014\n(a)\na contract between the sub-agent and the licensee; or\n(b) an arrangement between the sub-agent and the licensee;\n3.\nExtent of the Act\n3.\n(1) This Act does not apply to \u2014\n(a)\na person who the Authority determines is not providing a service under\nparagraph (a) of the definition of \u201cmoney services business\u201d; or\n(b) any of the following persons \u2014\n(i)\na person licensed under the Banks and Trust Companies Act (2020\nRevision) to carry on money services business in conjunction with\nother business;\n(ii) a building society licensed under the Building Societies Act (2020\nRevision); or\n(iii) a cooperative society registered under the Cooperative Societies Act\n(2020 Revision) and carrying on money services business,\nunless the licensed person, building society or cooperative society is\noperating as an agent or franchise holder of a money services business.\n(2) No money services business which is licensed under this Act is required to be\nlicensed under the Trade and Business Licensing Act (2019 Revision).\n\nMoney Services Act (2024 Revision)\nSection 4\n\nc\nRevised as at 31st December, 2023\nPage 7\n\n4.\nLicence required to carry on money services business\n4.\n(1) Subject to section 3(2), any person who carries on money services business\nwithout first obtaining a licence under section 5, commits an offence.\n(2) A person who commits an offence under subsection (1) is liable on summary\nconviction to a fine of ten thousand dollars and to imprisonment for one year\nand, in the case of a continuing offence, to a fine of one thousand dollars for\neach day during which the offence continues.\n5.\nApplication for, and grant of, licence\n5.\n(1) Any person desirous of carrying on money services business, shall make an\napplication in writing to the Authority for the grant of a licence.\n(2) An application for a licence shall contain such information and particulars and\nshall be accompanied by such details and things as may be prescribed.\n(3) The Authority may grant a licence in the prescribed form, subject to such terms\nand conditions, at the time of licensing or any time thereafter as the Authority\nmay consider appropriate having regard to the nature, risk and scale of the\nbusiness.\n(4) The application shall be accompanied by the prescribed application fee which\nshall be forwarded by the Authority to the Financial Secretary for the benefit of\nthe revenue.\n(5) A licence shall not be granted in respect of a money services business unless the\nperson applying for the licence has, in the Islands, a place of business approved\nby the Authority, which will be the principal office, in the Islands, for that\nmoney services business.\n(6) A licence granted under subsection (3) shall be granted for the carrying on of\nmoney services business within the Islands but subject to such conditions as\nmay be prescribed by this Act or imposed by the Authority.\n(7) It is a condition of every licence that the licensee \u2014\n(a)\nshall not change its name without the prior approval of the Authority;\n(b) shall not cease to have a principal office in the Islands;\n(c)\nshall not change its principal office in the Islands without the prior\napproval of the Authority; and\n(d) shall notify the Authority forthwith of any change in the information\nsupplied in the application for the licence.\n(8) Conditions imposed by the Authority under subsection (6) may at any time be\nvaried or revoked by the Authority.\n(9) Every holder of a licence shall, on or before every 15th day of January after the\nfirst grant of the licence, pay \u2014\n\nSection 5A\nMoney Services Act (2024 Revision)\n\nPage 8\nRevised as at 31st December, 2023\nc\n\n(a)\nthe prescribed annual fee for a licence to carry on a money services\nbusiness; and\n(b) the prescribed annual fee for each subsidiary, branch, agency or\nrepresentative office of that business,\nand, except where the Authority waives the surcharge, there shall be payable by\na licensee who fails to pay the prescribed annual fees by that date, a surcharge\nnot exceeding one-twelfth of that fee for every month or part of a month that the\nfee is not paid.\n(10) Without prejudice to subsections (1) to (9), if the annual fee referred to in\nsubsection (9) is not paid by the holder of a licence on or before every 15th day\nof January after the first grant of the licence, the unpaid annual fee may be sued\nfor by the Crown by action as a civil debt and the Crown may require, and the\ncourt may order, the payment of any penalties accrued in respect of the late\npayment of the fee.\n(11) The Authority may refuse to grant a licence if the Authority is of the opinion\nthat the person applying for the licence would fail to fulfil the obligations of a\nlicensee under this Act.\n(12) In subsection (10) \u2014\n\u201ccourt\u201d means the Grand Court or a court of summary jurisdiction, as the case\nmay be.\n5A.\nRequirement for account or arrangement approved by Authority\n5A. Every licensee shall \u2014\n(a)\nmaintain at least one account as approved by the Authority; or\n(b) enter into an arrangement as agreed by the Authority,\n\nthrough which its money services business transactions are to be conducted.\n6.\nNet worth requirements\n6.\n(1) The Authority shall not grant a licence to a person whose net worth is less than\nthirty thousand dollars or its equivalent in other currencies.\n(2) It is a condition of every licence that the licensee shall maintain its net worth at\nan amount not less than that prescribed by subsection (1).\n(3) When the Authority has reasonable cause to believe that there are grounds for\ndoing so, the Authority may require a licensee to increase its net worth by\nincreasing its paid-up capital to such greater sum as the Authority may\ndetermine for the nature of the licensee\u2019s business, current or proposed.\n\nMoney Services Act (2024 Revision)\nSection 6A\n\nc\nRevised as at 31st December, 2023\nPage 9\n\n6A.\nShares not to be issued or transferred without approval of Authority\n6A. (1) Shares totaling more than ten per cent of the authorised share capital of a\ncompany that is a licensee under this Act shall not be issued, and issued shares\ntotaling more than ten per cent of the issued share capital or total voting rights\nof a company that is a licensee under this Act shall not be transferred or disposed\nof in any manner, without the prior written approval of the Authority.\n(2) The licensee shall provide the information under subsection (1) to the Authority\nwithin such period of time as the Authority may require, in order that the\nAuthority may assess whether a person acquiring control or ownership of such\nshares or voting rights in thelicensee is a fit and proper person to have such\ncontrol or ownership.\n(3) The Authority may exempt a licensee whose shares, or those of its parent body\n(if any), are publicly traded on a stock exchange recognised by the Authority\nfrom the requirements under subsection (1) and any such exemption shall be\nsubject to \u2014\n(a)\na condition that the licensee shall, as soon as reasonably practicable, notify\nthe Authority in writing of \u2014\n(i)\nany change in control of the licensee;\n(ii) the acquisition by any person or group of persons of shares\nrepresenting more than ten per cent of the licensee\u2019s issued share\ncapital or total voting rights; or\n(iii) the acquisition by any person or group of persons of shares\nrepresenting more than ten per cent of the issued share capital or total\nvoting rights of the licensee\u2019s parent company;\n(b) a condition that the licensee shall, as soon as reasonably practicable,\nprovide such information to the Authority, within such period of time as\nthe Authority may require, for the purpose of assessing whether persons\nacquiring control or ownership of the licensee in the circumstances set out\nin paragraph (a) are fit and proper persons to have such control or\nownership; and\n(c)\nsuch terms and conditions as the Authority may consider necessary.\n(4) In subsection (1), the reference to shares being transferred or disposed of\nincludes the transfer or disposal of \u2014\n(a)\nthe legal interest in the shares; and\n(b) any beneficial interest in the shares.\n(5) For the avoidance of doubt, the references in this section to shares totaling more\nthan ten per cent include cumulative acquisition of shares or voting rights which\nmay be less than ten per cent but which amount to more than ten per cent of the\nauthorised share capital of a company.\n\nSection 7\nMoney Services Act (2024 Revision)\n\nPage 10\nRevised as at 31st December, 2023\nc\n\n7.\nAdvertisement of money services business\n7.\n(1) No person, other than a licensee, shall \u2014\n(a)\nuse words representing that that person is carrying on money services\nbusiness, in English or in any other language, in the description or title\nunder which that person carries on business within the Islands;\n(b) make any representation in any billhead, letter, letterhead, circular, paper,\nnotice or advertisement or in any other manner that that person is carrying\non money services business within the Islands; or\n(c)\nin any manner solicit or receive money from any person for the purpose of\ncarrying on money services business within the Islands.\n(2) The Authority may refuse to grant a licence to a person, or if a person is already\nin possession of a licence, the Authority may revoke the licence, if, in the\nAuthority\u2019s opinion, such person is carrying on or intending to carry on money\nservices business under a name which \u2014\n(a)\nis identical with that of any company, firm or business house, whether\nwithin the Islands or not, or which so nearly resembles that name as to be\ncalculated to deceive;\n(b) is calculated to suggest, falsely, the patronage of or connection with some\nperson or authority, whether within the Islands or not; or\n(c)\nis calculated to suggest, falsely, that the money services business has a\nspecial status in relation to or derived from the Government, has the\nofficial backing of or acts on behalf of the Government or any department,\nbranch, agency or organ of Government, or of any officer thereof, or is\nrecognised in the Islands as a national or central money services business.\n(3) Any person who contravenes subsection (1) commits an offence and is liable on\nsummary conviction to a fine of five thousand dollars and to imprisonment for\nsix months and, in the case of a continuing offence, to a fine of five hundred\ndollars for each day during which the offence continues.\n8.\nAccounting records and systems of business control\n8.\n(1) Every licensee shall, in respect of its money services business \u2014\n(a)\ncause accounting records to be kept; and\n(b) establish and maintain systems of control of the business and records, and\nsystems of inspection and report,\nin accordance with this section.\n(2) The accounting records of a licensee shall \u2014\n(a)\nexplain its transactions;\n\nMoney Services Act (2024 Revision)\nSection 8A\n\nc\nRevised as at 31st December, 2023\nPage 11\n\n(b) disclose, with reasonable accuracy and promptness, the state of the\nbusiness at any time;\n(c)\nenable the directors properly to discharge their duties; and\n(d) enable the business properly to discharge its duties.\n(3) The accounting records shall, in particular, contain \u2014\n(a)\nentries from day to day of all sums received and paid by the business and\nthe matters in respect of which they are received or paid; and\n(b) a record of the assets and liabilities of the business.\n(4) The systems of control and of inspection and report shall secure that the money\nservices business is so conducted and its records so kept that \u2014\n(a)\nthe information necessary to enable the directors and the business to\ndischarge their duties and functions is sufficiently accurate, and is\navailable with sufficient regularity or at need and with sufficient\npromptness, for those purposes; and\n(b) the information obtained by or furnished to the Authority under or for the\npurposes of this Act is sufficiently accurate for the purpose for which it is\nobtained or furnished.\n8A.\nCompliance with anti-money laundering procedures\n8A. (1) A licensee and any sub-agent of the licensee shall, in respect of the money\nservices business, take such steps as may be necessary to comply with the AntiMoney Laundering Regulations (2020 Revision) and such rules or statements of\nprinciple or guidance as may be prescribed by the Authority that are consistent\nwith anti-money laundering procedures and the combatting of terrorist\nfinancing.\n(2) A licensee shall monitor the compliance of the licensee\u2019s sub-agent, if any, with\nthe prescribed rules or statements of principle or guidance under subsection (1)\nand may be required by the Authority to provide a report on the compliance in\nsuch form and subject to such conditions as may be prescribed.\n(3) The report under subsection (2) shall be subject to such conditions as the\nAuthority may consider necessary.\n(4) A licensee and the licensee\u2019s sub-agent, if any, shall comply with the Authority\nwhere the Authority requires specified information or documents in accordance\nwith section 34(8) of the Monetary Authority Act (2020 Revision).\n9.\nReturns\n9.\nEvery holder of a licence shall, at such times as may be specified by the Authority,\nfurnish to the Authority \u2014\n\nSection 10\nMoney Services Act (2024 Revision)\n\nPage 12\nRevised as at 31st December, 2023\nc\n\n(a)\nwritten confirmation that the information set out in the application for the\nlicence remains correct, and gives a full and fair picture of its money\nservices business; and\n(b) such returns in respect of its money services business as the Authority may\nspecify in writing,\nin such form as the Authority may reasonably require.\n10.\nAccounts\n10. (1) Every licensee shall have the accounts of its money services business audited\nannually or at such other times as the Authority may require by an auditor, who\nshall be a chartered accountant, a certified public accountant, or some other\nprofessionally qualified accountant, approved by the Authority.\n(2) The audited accounts shall be forwarded to the Authority within three months\nof the end of the financial year of the licensee\u2019s money services business, unless\nprior written approval for an extension has been granted by the Authority.\n11.\nAuditor\u2019s certificate\n11. The Authority may, at the expense of the licensee, require the licensee to obtain an\nauditor\u2019s report on the licensee\u2019s anti-money laundering systems and procedures for\ncompliance with the Anti-Money Laundering Regulations (2023 Revision).\n12.\nAuthority may summon auditor\n12. (1) The Authority may summon the auditor or any former auditor of a licensee\u2019s\nmoney services business for the purpose of making enquiries into the operations\nand financial position of the business.\n(2) Where an auditor is summoned under subsection (1), the Authority shall in\nwriting notify the licensee concerned which shall have the right to attend any\nmeeting held by the Authority with the auditor.\n13.\nAuditor\u2019s notice of resignation\n13. Where an auditor appointed by a licensee \u2014\n(a)\nintends to resign during the currency of that person\u2019s appointment; or\n(b) has given written notice to the licensee of that person\u2019s unwillingness to\nbe considered for reappointment at the expiration of the period for which\nthat person is appointed,\nthe auditor shall give written notice to the Authority accordingly, and shall in\nsuch notice state the reasons for that person\u2019s intention to resign or that person\u2019s\nunwillingness to be considered for reappointment.\n14.\nNotice of termination of auditor\u2019s appointment\n14. Where a licensee \u2014\n\nMoney Services Act (2024 Revision)\nSection 14A\n\nc\nRevised as at 31st December, 2023\nPage 13\n\n(a)\nintends to terminate the appointment of its auditor; or\n(b) decides that the auditor shall not be reappointed,\nthe licensee concerned shall notify the Authority accordingly, and shall in such\nnotification state the reason for such intention or decision.\n14A. Obligations of auditors\n14A. (1) Where an auditor, in the course of carrying out an audit of the accounts of a\nlicensee, obtains information or suspects that the licensee is \u2014\n(a)\nunable or likely to become unable to meet its obligations as they fall due;\n(b) carrying on or attempting to carry on business or is winding up its business\nvoluntarily in a manner that is prejudicial to its investors or creditors;\n(c)\ncarrying on or attempting to carry on business without keeping any or\nsufficient accounting records to allow its accounts to be properly audited;\n(d) carrying on or attempting to carry on business in a fraudulent or criminal\nmanner; or\n(e)\ncarrying on or attempting to carry on business without compliance with \u2014\n(i)\nthis Act or any regulations made hereunder;\n(ii) the Monetary Authority Act (2020 Revision);\n(iii) the Anti-Money Laundering Regulations (2023 Revision); or\n(iv) a condition of the licence,\n\nthe auditor shall immediately give the Authority written notice of the\ninformation or suspicion and, in the case of suspicion, the reason for that\nsuspicion.\n(2) Without prejudice to subsection (8), where it appears to the Authority that an\nauditor has failed to comply with subsection (1), the Authority may disqualify\nthe auditor from being an auditor of a licensee and the Authority may remove\nany disqualification imposed under this subsection if it is satisfied that the\nauditor in question will comply with subsection (1) in the future.\n(3) A licensee shall not appoint as an auditor a person who is disqualified under\nsubsection (2).\n(4) Where the Authority has granted approval of an auditor under this Act, the\napproval may be revoked by the Authority if it is of the opinion that the auditor\nis not sufficiently competent to carry out an audit of the accounts of a licensee\nor that the auditor is incapable of carrying out the audit objectively.\n(5) No person carrying out or charged with the carrying out of any duty, obligation\nor function under this section shall be liable to any other person for anything\ndone or omitted to be done in respect of the discharge or purported discharge of\nthat duty, obligation or function unless it is shown that the act or omission was\nin bad faith.\n\nSection 15\nMoney Services Act (2024 Revision)\n\nPage 14\nRevised as at 31st December, 2023\nc\n\n(6) A reference in this section to an auditor carrying out an audit of the accounts of\na licensee includes an auditor who was engaged to carry out such audit or who\nwas in the course of carrying out such an audit but resigned before carrying out\nor completing the audit or whose contract to carry out or complete the audit was\notherwise terminated.\n(7) Nothing in subsection (1) shall impose on an auditor carrying out an audit of the\naccounts of a licensee an obligation to do anything that the person would not\notherwise be required to do in accordance with generally accepted auditing\nstandards, other than the obligation to provide notice and reasons to the\nAuthority.\n(8) A person who contravenes subsection (1) commits an offence and is liable on\nsummary conviction to a fine of twenty thousand dollars.\n15.\nConsequences of auditor\u2019s disclosure\n15. An auditor or former auditor of a licensee shall not be regarded as being in breach of\nthat person\u2019s duty to the licensee in consequence of any disclosure to the Authority\nunder sections 11 to 14.\n16.\nProhibitions on certain licensees\n16. A licensee incorporated under the Companies Act (2023 Revision) shall not, without\nthe prior written approval of the Authority, open, in or outside the Islands, a\nsubsidiary, branch, agency or representative office.\n17.\nNumber and approval of directors\n17. (1) A licensee shall, at no time, have less than two directors.\n(2) Unless exempted from such a requirement by the Authority, a licensee shall,\nbefore the appointment of a director or other senior officer, apply to the\nAuthority for its written approval of such appointment.\n(3) Approval granted under subsection (2) \u2014\n(a)\nlapses if the director or senior officer becomes bankrupt or is convicted of\nan offence involving dishonesty; and\n(b) may be revoked by the Authority.\n18.\nPowers and duties of the Authority\n18. (1) It is the duty of the Authority \u2014\n(a)\nto maintain a general review of money services business practice in the\nIslands;\n(b) whenever the Authority thinks fit, to examine the affairs or business of any\nlicensee carrying on business within the Islands for the purpose of\nsatisfying itself that this Act has been or is being complied with, and that\n\nMoney Services Act (2024 Revision)\nSection 19\n\nc\nRevised as at 31st December, 2023\nPage 15\n\nthe licensee is in a sound financial position and is carrying on its business\nin a satisfactory manner;\n(c)\nto assist in the investigation of any offence against the laws of the Islands\nwhich the Authority has reasonable grounds to believe has or may have\nbeen committed by a licensee or by any of its directors or officers in their\ncapacity as such; and\n(d) to examine \u2014\n(i)\nreturns furnished to the Authority under section 9; and\n(ii) audited annual accounts forwarded to the Authority under section 10,\nand to report on them to the Cabinet whenever the Authority thinks fit.\n(2) In matters relating to money services business, the Authority shall take all\nnecessary action to ensure the proper and just implementation of this Act.\n(3) In the performance of its functions under this Act and subject to the Monetary\nAuthority Act (2020 Revision), the Authority is entitled at all reasonable\ntimes \u2014\n(a)\nto have access to such books, records, vouchers, documents, cash and\nsecurities of any licensee;\n(b) to request such information, matter or thing from any person who the\nAuthority has reasonable grounds to believe is carrying on money services\nbusiness in contravention of section 4(1); and\n(c)\nto call upon the manager of the licensee or any similar person, or any\nofficer designated by either of them, for such information or explanation,\nas the Authority may reasonably require for the purpose of enabling it to perform\nits functions under this Act; and information requested under paragraph (b) shall\nbe provided in such form as the Authority may reasonably require.\n(4) If it appears to the Authority that there is reasonable ground for suspecting that\nan offence against this Act has been or is being committed by any person, the\nAuthority may, with the approval of the Court, take such action as it considers\nnecessary, in the interest of the customers of a licensee or creditors of that\nperson, to preserve any assets held by that person.\n(5) Any person who fails to comply with any requirement under subsection (3) by\nthe Authority commits an offence and is liable on summary conviction to a fine\nof five thousand dollars and to imprisonment for six months.\n19.\nPowers of Authority in respect of licensees\n19. (1) Whenever the Authority is of the opinion that \u2014\n(a)\na licensee is or appears likely to become unable to meet its obligations as\nthey fall due;\n\nSection 19\nMoney Services Act (2024 Revision)\n\nPage 16\nRevised as at 31st December, 2023\nc\n\n(b) a licensee is carrying on business in a manner detrimental to the public\ninterest or the interest of its customers or creditors;\n(c)\na licensee has contravened this Act;\n(d) a licensee has failed to comply with a condition of its licence; or\n(e)\nthere has been or is, on the part of a licensee or its directors, a failure to\nsatisfy any one or more of the criteria of prudent management set out in\nsection 20(1),\nthe Authority may forthwith do any of the following \u2014\n(i)\nrevoke the licence;\n(ii) impose conditions, or further conditions, as the case may be, upon\nthe licence and may amend or revoke any such condition;\n(iii) require the substitution of any director or officer of the licensee;\n(iv) at the expense of the licensee, appoint a person to advise the licensee\non the proper conduct of its affairs and to report to the Authority\nthereon within three months of the date of that person\u2019s appointment;\n(v) at the expense of the licensee, appoint a person to assume control of\nthe licensee\u2019s affairs who shall, with any necessary changes, have all\nthe powers of a person appointed, under section 18 of the Bankruptcy\nAct (1997 Revision), as a receiver or manager of a business; and\n(iv) require such action to be taken by the licensee as the Authority\nconsiders necessary.\n(2) Notwithstanding section 27(1), a licensee may, within seven days of the\nAuthority\u2019s decision to revoke a licence under subsection (1)(i), apply to the\nAuthority for a reconsideration of its decision.\n(3) A person appointed under subsection (1)(iv) or (v) or whose appointment has\nbeen extended under subsection (4)(b) shall from time to time at that person\u2019s\ndiscretion and in any case within three months of the date of that person\u2019s\nappointment or of the extension of that person\u2019s appointment (as the case may\nbe), prepare and furnish a report to the Authority of the affairs of the licensee\nand of that person\u2019s recommendations thereon.\n(4) On receipt of a report under subsection (3), the Authority may \u2014\n(a)\nrevoke\nthe\nappointment\nof\nthe\nperson\nappointed\nunder\nsubsection (1)(iv) or (v);\n(b) extend the period of that person\u2019s appointment;\n(c)\nsubject to such conditions as the Authority may impose, allow the licensee\nto reorganise its affairs in a manner approved by the Authority;\n(d) revoke the licence and apply to the Court for an order that the licensee be\nforthwith wound up by that Court in which case the provisions of the\n\nMoney Services Act (2024 Revision)\nSection 20\n\nc\nRevised as at 31st December, 2023\nPage 17\n\nCompanies Act (2023 Revision) relating to the winding up of a company\nby that Court shall, with any necessary changes, apply.\n(5) Notwithstanding any provision in this section, the Authority may revoke a\nlicence if the licensee \u2014\n(a)\nhas ceased to carry on money services business; or\n(b) goes into liquidation or is wound up or otherwise dissolved.\n(6) Whenever the Authority revokes a licence under subsection (1)(i), (4)(d) or (5),\nthe Authority shall cause notice of such revocation to be gazetted, and may also\ncause such notice to be published (whether within the Islands or elsewhere) in\nsuch newspaper or other publication as the Authority may consider necessary in\nthe circumstances.\n20.\nCriteria of prudent management.\n20. (1) For the purposes of section 19(1)(e), the criteria of prudent management are \u2014\n(a)\nmaintenance of \u2014\n(i)\nadequate reserves and other capital resources;\n(ii) adequate assets in liquid form;\n(iii) a system for managing and containing risks to the net worth of the\nlicensee\u2019s business and risks to its net income, whether arising from\nfluctuations in interest or exchange rates or from other factors; and\n(iv) the requisite accounting records and systems of control of business\nand of inspection and report;\n(b) direction and management conducted with prudence and integrity by a\nsufficient number of persons who are fit and proper to be directors or, as\nthe case may be, officers in their respective positions; and\n(c)\nconduct of the licensee\u2019s business with adequate professional skills.\n(2) The following provisions apply for the interpretation of the list of criteria in\nsubsection (1) in their application to a licensee\u2019s business \u2014\n\u201cadequate\u201d, except with reference to liquidity, means adequate having regard\nto the range and scale of the business;\n\u201cadequate\u201d, with reference to liquidity, means of such proportion and\ncomposition as will at all times enable the business to meet its liabilities as they\narise and \u201cliquid form\u201d, in relation to assets, shall be construed accordingly;\n\u201cbusiness\u201d includes business the licensee proposes to conduct;\n\u201crequisite\u201d, with reference to accounting records and systems of control, means\nsuch as are required by section 8;\n\u201csufficient\u201d, with reference to the number of directors and officers, means\nsufficient having regard to the range and scale of the business.\n\nSection 21\nMoney Services Act (2024 Revision)\n\nPage 18\nRevised as at 31st December, 2023\nc\n\n(3) In determining for the purposes of subsection (1)(b) whether a person is a fit and\nproper person to hold a particular position in a licensee\u2019s business, regard shall\nbe had, in particular \u2014\n(a)\nto that person\u2019s probity;\n(b) to that person\u2019s competence and soundness of judgement for fulfilling the\nresponsibilities of that position;\n(c)\nto the diligence with which that person is fulfilling or likely to fulfil those\nresponsibilities; and\n(d) to whether the interests of customers of the business are, or are likely to\nbe, in any way threatened by that person\u2019s holding that position.\n(4) Nothing in this section shall give rise to any claim against a licensee\u2019s directors\nor money services business, or afford a defence to any claim made by a money\nservices business.\n21.\nAuthority may apply to Court to preserve customers\u2019 interests\n21. The Authority may, in any case in which a licensee, or a person who has at any time\nbeen a licensee, is being wound up voluntarily, apply to the Court if the Authority\nconsiders that the winding up is not being conducted in the best interests of the\nlicensee\u2019s customers or creditors, and the Court shall make such order as it considers\nappropriate.\n22.\nRules\n22. The Chief Justice may make rules governing the procedure in relation to applications\nto the Court under section 18(4), 19(4)(d) or 21.\n23.\nPower of search\n23. (1) If a Magistrate or Justice of the Peace is satisfied by information on oath given\nby the Authority that \u2014\n(a)\nthere is reasonable ground for suspecting that an offence against this Act\nhas been or is being committed and that evidence of the commission of the\noffence is to be found at any premises specified in the information, or in\nany vehicle, vessel or aircraft so specified; or\n(b) any books, records, vouchers, documents, cash or securities which ought\nto have been produced under section 18(3) and have not been produced are\nto be found at any such premises or in any such vehicle, vessel or aircraft,\nthat person may grant a search warrant authorising the Authority or any\nconstable of the rank of Inspector or above, together with any other person\nnamed in the warrant and any other constables to enter the premises specified in\nthe information or, as the case may be, any premises upon which the vehicle,\nvessel or aircraft so specified may be, at any time within one month from the\n\nMoney Services Act (2024 Revision)\nSection 24\n\nc\nRevised as at 31st December, 2023\nPage 19\n\ndate of the warrant, and to search such premises or, as the case may be, such\nvehicle, vessel or aircraft.\n(2) The person authorised by any such warrant to search any premises or any\nvehicle, vessel or aircraft may search every person who is found in or whom\nthat person has reasonable grounds to believe to have recently left or to be about\nto enter those premises or that vehicle, vessel or aircraft, as the case may be, and\nmay seize any books, records, vouchers, documents, cash or securities found in\nthe possession of any such person or in such premises or in such vehicle, vessel\nor aircraft which that person has reasonable grounds for believing ought to have\nbeen produced under section 18(3).\n(3) No female shall, in pursuance of any warrant issued under this section, be\nsearched except by a female.\n(4) Where under this section a person has any power to enter any premises, that\nperson may use such force as is reasonably necessary for the purpose of\nexercising that power.\n(5) Any person who obstructs the Authority or any other person in the exercise of\nany powers conferred under this section, commits an offence and is liable on\nsummary conviction to a fine of five thousand dollars and to imprisonment for\nsix months.\n24.\nFalse or misleading information\n24. Any licensee or any director or officer of a licensee who knowingly or wilfully\nsupplies false or misleading information to the Authority, commits an offence and is\nliable on summary conviction to a fine of two thousand dollars and to imprisonment\nfor three months.\n25.\nGeneral penalty\n25. Any person who contravenes any provision or requirement of this Act for which no\noffence is specifically created commits an offence and is liable on summary\nconviction to a fine of two thousand dollars and to imprisonment for three months.\n26.\nOffences by corporations, partnerships, limited liability partnerships etc.\n26. (1) Where an offence under this Act which has been committed by a body corporate,\nis proved to have been committed with the consent or connivance of, or to be\nattributable to any neglect on the part of any director, manager, secretary or\nother officer of the body corporate or any person who was purporting to act in\nany such capacity, that person, as well as the body corporate commits that\noffence and is liable to be proceeded against and punished accordingly.\n(2) Where the affairs of a body corporate are managed by its members,\nsubsection (1) shall apply in relation to the acts and defaults of the member in\n\nSection 27\nMoney Services Act (2024 Revision)\n\nPage 20\nRevised as at 31st December, 2023\nc\n\nconnection with that person\u2019s functions of management as if that person were a\ndirector of the body corporate.\n(3)  Where an offence under this Act is committed by a partnership, a limited\nliability partnership or an exempted limited partnership and it is proved that the\noffence \u2014\n(a)  was committed with the consent or connivance of; or\n(b)  is attributable to any neglect on the part of,\n\na partner concerned in the management or control of a partnership or a limited\nliability partnership, or a partner who takes part in the conduct of the business\nof an exempted limited partnership, that partner, as well as the partnership, the\nlimited liability partnership or the exempted limited partnership, as applicable,\ncommits the offence and is liable to be proceeded against and punished\naccordingly.\n(4)  Where an offence under this Act is committed by an unincorporated association\nother than a partnership, a limited liability partnership or an exempted limited\npartnership and it is proved that the offence \u2014\n(a)  was committed with the consent or connivance of; or\n(b)  is attributable to neglect on the part of,\n\na person concerned in the management or control of the unincorporated\nassociation, that person, as well as the unincorporated association, commits the\noffence and is liable to be proceeded against and punished accordingly.\n27.\nAppeals\n27. (1) An appeal lies to the Court from any decision of the Authority \u2014\n(a)\nrevoking a licence under section 7(2), 19(1)(i), 19(4)(d) or 19(5); or\n(b) requiring a licensee to take certain steps which the Authority may specify\nunder section 19.\n(2) An appeal against the decision of the Authority shall be by motion.\n(3) The appellant, within twenty-one days after the day on which the Authority has\ngiven its decision, shall serve a notice in writing signed by the appellant or that\nperson\u2019s attorney-at-law on the Authority of that person\u2019s intention to appeal\nand of the general ground of that person\u2019s appeal.\n(4) Any person aggrieved by a decision of the Authority may, upon notice to the\nAuthority, apply to the Court for leave to extend the time within which the notice\nof appeal prescribed by this section may be served and the Court upon the\nhearing of such application may extend the time prescribed by this section as it\nconsiders fit.\n(5) The Authority shall, upon receiving the notice of appeal, transmit to the Clerk\nof the Court without delay a copy of the decision and all papers relating to the\n\nMoney Services Act (2024 Revision)\nSection 28\n\nc\nRevised as at 31st December, 2023\nPage 21\n\nappeal, but the Authority is not compelled to disclose any information if it is\nconsidered that the public interest would suffer by such disclosure.\n(6) The Clerk of Court shall set the appeal down for argument on such day, and\nshall cause notice of the same to be published in such manner, as the Court may\ndirect.\n(7) At the hearing of the appeal the appellant shall, before going into the case, state\nall the grounds of appeal on which that person intends to rely and shall not,\nunless by leave of the Court, go into any matters not raised by such statements.\n(8) The Court may adjourn the hearing of an appeal and may, upon the hearing\nthereof confirm, reverse, vary or modify the decision of the Authority or remit\nthe matter with the opinion of the Court thereon to the Authority.\n(9) An appeal against a decision of the Authority shall not have the effect of\nsuspending the execution of such decision.\n28.\nImmunity\n28. The Authority shall not be liable in damages for anything done or omitted in the\ndischarge or purported discharge of its functions under this Act, unless it is shown\nthat the act or omission was in bad faith.\n29.\nRegulations\n29. The Cabinet may make regulations \u2014\n(a)\nto control the form of advertising by licensees;\n(b) to prescribe fees payable under this Act;\n(c)\nto prescribe the information and particulars to be contained in an\napplication for a licence and the details and things to accompany the\napplication;\n(d) to prescribe the forms of licences and other documents to be used for the\npurposes of, and in connection with, this Act;\n(e)\nto provide for the formation and maintenance, by the Authority, of a record\nof licensees; and\n(f)\ngenerally for carrying this Act into effect.\n30.\nPolicy directions.\n30. (1) The Authority may, from time to time, issue policy directions for the guidance\nof licensees in the exercise of their duties under this Act, and it shall be the duty\nof each licensee to put into effect and to carry out such directions.\n(2) Any licensee or any officer of a licensee who fails to comply with any direction\nissued under subsection (1), commits an offence and is liable on summary\nconviction to a fine of five thousand dollars and to imprisonment for six months.\n\nSection 30A\nMoney Services Act (2024 Revision)\n\nPage 22\nRevised as at 31st December, 2023\nc\n\n30A. Transaction fee\n30A. (1) Every licensee shall pay, into the revenues of the Islands, a transaction fee in\nthe amount of 2% of the gross amount transferred overseas up to a maximum of\nten dollars for each transaction.\n(2) The amount payable pursuant to subsection (1) shall be submitted on a quarterly\nbasis in such form as the Authority may prescribe.\n(3) A licensee who fails to submit the fee specified in subsection (1) shall incur a\nsurcharge not exceeding one-twelfth of that fee for every month or part of a\nmonth that the fee is not paid.\n31.\nRepealed\n31. Repealed by section 10 of the Money Services (Amendment) Law, 2019 [Law 19 of\n2019].\nPublication in consolidated and revised form authorised by the Cabinet this 30th\nday of January, 2024.\nKim Bullings\nClerk of Cabinet\n\nMoney Services Act (2024 Revision)\n\nENDNOTES\n\nc\nRevised as at 31st December, 2023\nPage 23\n\nENDNOTES\nTable of Legislation History:\nSL #\nAct\/Law #\nLegislation\nCommencement\nGazette\n\n5\/2023\nMoney Services (Amendment) Act, 2023\n26-May-2023\nLG16\/2023\/s5\n\n56\/2020\nCitation of Acts of Parliament Act, 2020\n3-Dec-2020\nLG89\/2020\/s1\n\nMoney Services Law (2020 Revision)\n14-Jan-2020\nLG5\/2020\/s9\n\n19\/2019\nMoney Services (Amendment) Law, 2019\n8-Aug-2019 LG28\/2019\/S10\n\nMoney Services Law (2010 Revision)\n8-Nov-2010\nG23\/2010\/S12\n\n35\/2009\nMoney Services (Amendment) Law, 2009\n29-Dec-2009\nGE91\/2009\/S6\n\nMoney Services Law (2003 Revision)\n14-Jul-2003\nG14\/2003\/S2\n36\/2003\n\nMoney Services (Amendment) Law, 2002\n(Commencement) Order, 2003\n12-Mar-2003\nGE10\/2003\/S5\n\n38\/2002\nMoney Services (Amendment) Law, 2002\n17-Mar-2003\nGE5\/2003\/S6\n\n13\/2000\nMoney Services Law, 2000\n20-Nov-2000\nG24\/2000\/S2\n\nENDNOTES\nMoney Services Act (2024 Revision)\n\nPage 24\nRevised as at 31st December, 2023\nc\n\n(Price: $4.80)","akn_extracted_at":"2026-06-22 15:35:40.447636+00","cms_id":"2000-0013","law_type":"principal","year":"2000","number":"13","title":"Money Services Act","status":"in_force"},"provenance":{"files":[{"file_id":"5620","expr_id":"572","kind":"akn_xml","filename":"2000-0013_2024 Revision.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/2000\/2000-0013\/2000-0013_2024 Revision.akn.xml","content_md5":"801074433d5e7486391f51581c7cfdad","byte_size":"46938","http_last_modified":null,"fetched_at":"2026-06-22 15:35:40.821936+00"},{"file_id":"1143","expr_id":"572","kind":"pristine_pdf","filename":"2000-0013_2024 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/PRINCIPAL\/2000\/2000-0013\/2000-0013_2024 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/PRINCIPAL\/2000\/2000-0013\/2000-0013_2024 Revision.pdf","content_md5":"dc6000668dce4acacb0a8a9e42db4734","byte_size":"1255495","http_last_modified":null,"fetched_at":"2026-06-21 23:09:36.100294+00"},{"file_id":"1144","expr_id":"572","kind":"working_pdf","filename":"2000-0013_2024 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/PRINCIPAL\/2000\/2000-0013\/2000-0013_2024 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/2000\/2000-0013\/2000-0013_2024 Revision.pdf","content_md5":"dc6000668dce4acacb0a8a9e42db4734","byte_size":"1255495","http_last_modified":null,"fetched_at":"2026-06-21 23:09:36.100294+00"}],"paragraph_count":23,"latest_history":null},"quality":{"expr_id":"572","doc_id":"572","quality_state":"needs_review","quality_score":"85","needs_human_review":"t","deterministic_categories":"{page_header_footer_noise}","llm_categories":"{truncated_text,other}","repair_actions":"{manual_review,reextract_full_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 1, \"medium\": 1}","finding_summary":"Sample ends abruptly mid\u2011sentence; likely missing continuation of Section 2. 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