Aggregated News From Investment Management Regulators

Foreign Currency Exchange – Requirement to be Licenced


Please complete the required fields.

It has come to the attention of the Cayman Islands Monetary Authority (the “Authority”) that some businesses/persons are exchanging foreign currency in the Cayman Islands without having obtained the requisite money services business (“MSB”) licence from the Authority.
“Money services business” as defined in the Money Services Law (2020 Revision) (“MSL”) section 2 means the business of providing, in or from within the Islands, any of the following services:
(a) money transmission;
(b) cheque cashing;
(c) currency exchange;
(d) the issuance, sale or redemption of money orders or traveller’s cheques; and
(e) such other services as the Cabinet may specify by notice published in the
Operating without a money services business license is in contravention of the MSL section 4 (1) as follows:
“Licence required to carry on money services business
Subject to section 3(2), any person who carries on money services business without first obtaining a licence under section 5, commits an offence.”
Please send all queries to [email protected]

See PDF here: Source Link

Regulator Information

Abbreviation: CIMA
Jurisdiction: Cayman Islands

Recent Articles

Fraudsters Posing as Brokers or Investment Advisers – Investor Alert

The FBI Criminal Investigative Division and the United States Securities and Exchange Commission’s Office of Investor Education and Advocacy (OIEA) warn of fraudsters swindling investors while preten

Announcement: FMA imposes a sanction against S Immo AG for delayed publication of a proprietary transaction

The Austrian Financial Market Authority (FMA) hereby announces that it has imposed a fine of EUR 16,000.00 by means of a penal order under...

Origin Capital Group (clone of FCA authorised firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Financial Stability Report (2020 annual report)​

Compliance Details javascript:commonShowModalDialog(‘{SiteUrl}/_layouts/itemexpiration.

Get the latest from Regulatory.News in your inbox!