Money Services Businesses (Amendment) Regulations, 2024 (SL 70 of 2024)

Summary

This regulation amends the Money Services Businesses Regulations (2020 Revision) made under the Money Services Act. It makes two changes: first, it updates internal cross-references so that mentions of the 'First', 'Second' and 'Third' Schedules are replaced with 'Schedule 1', 'Schedule 2' and 'Schedule 3' respectively, a purely stylistic/renumbering fix. Second, and more substantively, it repeals the existing Schedule 3 (Fees) and replaces it with a new fee table setting out the amounts payable for money services business licensing.

• Application fee: KYD $2,500.00 under section 5(4).
• Annual licence fee: KYD $20,000.00 under section 5(9)(a).
• Annual fee per subsidiary/branch/agency/representative office: KYD $1,000.00 under section 5(9)(b).

These fees apply to persons and entities licensed or seeking a licence to carry on money services business in the Cayman Islands, and to their subsidiaries, branches, agencies and representative offices. The Regulations were made in Cabinet on 17 December 2024 and published in Legislation Gazette No. 47 on 19 December 2024.

Key obligations

• Applicants for a money services business licence must pay an application fee of KYD $2,500.00 under section 5(4).
• Licensees must pay an annual licence fee of KYD $20,000.00 under section 5(9)(a) to carry on money services business.
• Licensees must pay an annual fee of KYD $1,000.00 for each subsidiary, branch, agency or representative office under section 5(9)(b).

Applies to

money services businesses, licensees under the Money Services Act, subsidiaries, branches, agencies or representative offices of money services businesses

Related documents

• This document is made under Money Services Act (2024 Revision)
• This document amends Money Services Businesses Regulations (2020 Revision)
• This document amends Money Services Businesses Regulations (2026 Revision)
• Money Services Businesses Regulations (2026 Revision) replaces this document