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Money Services Business (MSB) Regulations in the Commonwealth of Dominica

Summary

The Commonwealth of Dominica has established regulatory requirements for Money Services Businesses (MSBs), which are outlined below.

An MSB is defined as any business that accepts cash, cheques, or other monetary instruments and pays to a beneficiary.
All MSBs must be licensed by the Financial Services Unit (FSU).

To prevent money laundering and terrorist financing, MSBs in Dominica must have systems in place to:

Conduct Customer Due Diligence: Verify the identity of customers and beneficial owners.
Report Suspicious Transactions: Identify and report transactions that may be related to money laundering or terrorist financing.
Maintain Record-Keeping: Keep accurate and detailed records of all financial transactions.
Implement Internal Controls: Establish policies and procedures to prevent unauthorized access to funds.
Provide Staff Training: Educate employees on the risks of money laundering and terrorist financing.

Failure to comply with MSB regulations in Dominica can result in severe commercial consequences, including:

If you have any further questions or concerns regarding MSB regulations in the Commonwealth of Dominica, please don’t hesitate to ask.