Licensed Financial Institutions
About Money Services Businesses
Money Services Businesses
Pursuant to Section 2 of the legislation governing the Money Service Business activities, the Money Services Business Act Chapter 260 of the Revised Laws of St. Vincent & the Grenadines, 2009 (“MSB Act”) “Money Services Business” means-
a) The business of providing any or all of the following services:
i) transmission of money or monetary value in any form;
ii) cheque cashing;
iii) currency exchange;
iv) the issuance, sale or redemption of money orders or traveller’s cheques;
v) micro-financing and lending; and
vi) any other services the Minister may specify by notice published in the Gazette; or
b) The business of operating as an agent or franchise holder of a business mentioned in paragraph (a).
No person shall carry on money services business in Saint Vincent and the Grenadines without first obtaining a license under Section 5 of the Money Services Business Act No. 27 of 2005.
A person who wishes to carry on money services business within St. Vincent & the Grenadines must apply for a license. An application must:
a. be made in writing to the Authority i.e. Financial Services Authority;
b. contain the information and particulars set out in Schedule 1;
c. be accompanied by a certified statement showing that the applicant has in the case of an application for a-
i) Class A license, a net worth of one hundred thousand dollars;
ii) Class B license, a net worth of twenty thousand dollars;
iii) Class C license, a net worth of twenty thousand dollars;
iv) Class D license, a net worth of one hundred thousand dollars;
v) Class E license, a net worth of one hundred thousand dollars;
vi) Class A license, a net worth of two hundred thousand dollars;
(d) be accompanied by a non-refundable application fee prescribed in Schedule 3.
No license may be issued to an applicant unless the applicant makes a statutory deposit for the class of license for which the applicant has applied in the sums and form as set out in the Fourth Schedule.
Classes of License
Class A: Permits the holder to carry on the business of transmitting money in any form.
Class B: Permits the holder to carry on the business of electronic and mobile transmission of money.
Class C: Permits the holder to carry on the business of issuing, selling or redeeming money orders or traveller’s cheques, cheque cashing and currency exchange.
Class D: Permits the holder to engage in microfinancing and lending business.
Class E: Permits the holder to carry on the business of such other service as may be specified in the Gazette.
Class F: Permits the holder to carry on all or a combination of money services business permitted by a Classes A through Classes E license.
A license to carry on money services business is valid from the date of first issue until the 31st December of that year and may be renewed by the Authority on payment of the annual fee on or before the 15th day of January of the following year.
Money Services Businesses in St. Vincent and the Grenadines
Western Union
| Agent | Location | Class |
|---|---|---|
| Grace Kennedy Money Services | Halifax Street, Kingstown and Arnos Vale | A |
Sub-Agents for Western Union
| Sub-Agent | Location |
|---|---|
| General Employees Cooperative Credit Union Ltd | Georgetown and South Rivers |
| Kingstown Cooperative Credit Union Ltd | Marriaqua and Kingstown |
| Teachers’ Cooperative Credit Union | Barrouallie |
Money Gram
| Agent | Location | Class |
|---|---|---|
| Caribbean World Travel Services-Going Places Travel | Kingstown, Georgetown and Bequia | A |
Sub-Agents for Going Places Travel
| Sub-Agent | Location |
|---|---|
| Bare Necessities | Canouan |
| Executive Tour Solutions | Union Island |
Massy Remittances Services (St. Vincent) Ltd.
| Agent | Location | Class |
|---|---|---|
| Massy Remittances Services (St. Vincent) Ltd. | Kingstown | A |
Sub-Agent for Massy Remittances Services (St. Vincent) Ltd.
| Sub-Agent | Location |
|---|---|
| Randy’s Diamond Ltd | Kingstown |
Fees
Class of License | Application Fee (Section 5 (2)(d)) | Annual Fee (Section 5 (8)) | ||
| Main Agent | Sub-Agent | Main Agent | Sub-Agent |
Class A | $3,000 | $300 | $15,000 | $3,000 |
Class B | $3,000 | $300 | $7,500 | $1,500 |
Class C | $3,000 | $300 | $12,000 | $2,400 |
Class D | $3,000 | $300 | $10,000 | $2,000 |
Class E | $3,000 | $300 | $10,000 | $2,000 |
Class F | $3,000 | $300 | $20,000 | $4,000 |
Class of License | Statutory Deposit Payable |
|
|
Class A | $100,000 payable in cash, government securities or any other form approved by the Minister. |
Class B | $10,000 payable at the application stage and thereafter $10,000 payable in cash by July 1st annually for the next three-year period. |
Class C | $10,000 payable at the application stage and thereafter $10,000 payable in cash by July 1st annually for the next three-year period. |
Class D | $100,000 payable in cash, government securities or any other form approved by the Minister. |
Class E | $100,000 payable in cash, government securities or any other form approved by the Minister. |
Class F | $200,000 payable in cash, government securities or any other form approved by the Minister. |