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Does a person who wishes to conduct money service business need the Commission’s prior approval?

April 26, 2017Approval Business Commission conduct money person prior service wishes

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Does a person who wishes to conduct money service business need the Commission’s prior approval?

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Unless a person who wishes to carry on money service business can benefit from an exemption (see the FAQs below on exemptions) they must obtain the prior approval of the Commission to do so. (For persons already carrying on money service business at the time the regulatory regime for such business came into effect on 26 July 2007, there are transitional provisions which allow such a person to lawfully carry on money service business provided they make an application to the Commission by 26 January 2008. For further information on these transitional provisions, please contact the Commission.) To apply to the Commission for approval to carry on money service business please complete the money service business application form (click here to download a form).