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Compliance Officer Responsibilities in Anguilla: Know the Requirements

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The Money Services Business Act, 2009 came into effect on July 16, 2009, designating the Anguilla Financial Services Commission as the licensing and regulatory authority for money services businesses conducted in and from Anguilla. As a result, no person - legal or natural - is authorized to conduct such business without a license granted by the Commission.

Licensing Requirements

The Commission offers four classes of licenses:

  • Money Transmission (Class A)
  • Issuance, Sale, and Redemption of Payment Instruments (Class B)
  • Cheque Cashing (Class C)
  • Currency Exchange (Class D)

To obtain a license, prospective applicants must submit an application, which will undergo a thorough review process.

Review Process

During the review process, the Commission will assess various factors, including:

  • The validity of documents submitted in support of the application and personal questionnaires
  • Financial condition and history of the applicant
  • Nature of the business
  • Experience of management personnel
  • Source of initial capital
  • Community convenience and needs
  • Business plan
  • Organization chart
  • Ownership structure

Fit and Proper Requirements

In addition to reviewing these factors, the Commission will also assess the fit and proper nature of an applicant’s key stakeholders. A license will not be granted unless the applicant satisfies legal, regulatory, due diligence, and fit and proper requirements.

Applicants must also appoint:

  • A Money Laundering Compliance Officer
  • A Money Laundering Reporting Officer
  • A Compliance Officer as required by relevant regulations

Additional Requirements for Class A and B Licenses

When considering applications for Class A or Class B licenses, the Commission will also take into account an applicant’s:

  • Capital adequacy
  • Earnings prospects
  • Risk management policies and procedures

These requirements are crucial in ensuring that money services businesses operating in Anguilla maintain a high level of integrity and compliance with regulatory standards.