Money Services Businesses Regulations (2026 Revision)

Summary

This is the 2026 Revision of the Money Services Businesses Regulations, made under the Money Services Act (2024 Revision), consolidating amendments from 2009, 2019 and 2024. It governs how a person applies for and holds a licence to carry on money services business (e.g. money transmission/remittance, currency exchange) in the Cayman Islands, and imposes specific due-diligence and reporting duties in respect of sub-agents used by licensees.

• Licence application requirements: Schedule 1 prescribes the detailed information and documentation that must accompany a licence application.
• Standard licence form: Schedule 2 sets out the standard form of licence.
• Fees: Schedule 3 sets out the fees payable under the Money Services Act.
• Sub-agent reporting: Licensees must report to the Cayman Islands Monetary Authority (CIMA) on the sub-agents they use, and must obtain and submit specified information before entering into a sub-agent arrangement, whether at the application stage or afterward.
• Independent assessment power: CIMA is given power to require an independent, licensee-funded assessment of a sub-agent.

The document applies to applicants for, and holders of, money services business licences, and indirectly to their sub-agents whose details and risk profile must be disclosed to CIMA. It does not introduce new commencement or transitional deadlines beyond the standing fee and reporting obligations described.

Key obligations

• An applicant for a money services business licence must provide the particulars and accompanying documents set out in Schedule 1.
• A licence granted under section 5 of the Money Services Act must be in the form set out in Schedule 2.
• Applicants and licensees must pay the prescribed fees in Schedule 3 (application fee, annual licence fee, and annual fee for each subsidiary, branch, agency or representative office).
• A licensee must provide CIMA with a report on each sub-agent, including the sub-agent's name and address, the licensee's compliance assessment, transaction account institutions, a risk assessment report, and any other information CIMA determines necessary.
• A licensee must, where it proposes to enter into a contract or arrangement with a sub-agent, provide CIMA with detailed information about the sub-agent (account type, settlement/reporting systems, record-keeping, internal controls, training plan, compliance procedures, and ownership/control details if a company).
• An applicant who also proposes to use a sub-agent must, in addition to Schedule 1 information, provide the same sub-agent information required of licensees under regulation 8(1).
• A licensee must, if required by CIMA, arrange and pay for an independent assessment of a sub-agent, carried out on terms of reference agreed or determined by CIMA.
• Under the standard licence conditions, a licensee must forthwith notify CIMA of any change in the information supplied in its licence application.

Applies to

money services businesses, licensees under the Money Services Act, applicants for a money services business licence, sub-agents of licensees

Deadlines

• forthwith: A licensee must notify the Cayman Islands Monetary Authority immediately of any change in the information supplied in its licence application.

Related documents

• This document is made under Money Services Act (2024 Revision)
• This document replaces Money Services Businesses Regulations (2020 Revision)
• This document replaces Money Services Businesses (Amendment) Regulations, 2024 (SL 70 of 2024)
• Money Services Businesses (Amendment) Regulations, 2024 (SL 70 of 2024) amends this document