What is Money Service Business?

Part IVA, Section 20AA (1) of the Act defines money service business as “… the business of providing any of the following services to the general public:
  • money transmission services;
  • cashing cheques which are made payable to customers and guaranteeing cheques;
  • issuing, selling or redeeming money orders or traveller’s cheques for cash;
  • issuing credit or debit cards, or otherwise providing means of electronic payment;
  • intermediating means of payment over the internet;
  • operating a bureau de change whereby cash in one currency is exchanged for cash in another currency.”


Institutions licensed under the Banks and Deposit Companies Act 1999 are exempted from the Regulations. In addition, where a company provides any of the services set out in paragraphs (a) to (f) above as an ancillary service to its clients and does not levy a separate charge, the Authority is not likely to treat such an activity as being within scope of the Regulations. For further details, please refer to the Information for Prospective Applicants and Guidance Notes.