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Supervisory Process

Supervision is intended to assist the Authority with assessing the ongoing financial viability of a money service provider, the fitness and propriety of its management, the prudent conduct of its business and its compliance with the Money Service Business Act 2016 (the Act).

The Authority’s supervision of money service businesses involves regular meetings with senior management of licensed firms, together with scrutiny of financial and statistical information in connection with the institution’s business activities and periodic compliance visits to the institution’s premises. In addition to prudential assessments, a review of compliance in relation to the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 also forms part of the Authority’s visits.

These visits are normally conducted by agreement and at a mutually agreed time. However, in exceptional cases where the Authority has material concerns for the interests of clients or about the financial position of the money service provider, the Authority may conduct a visit at short notice or even without notice. Institutions are expected to be proactive in alerting the Authority to compliance or other material issues. The Authority also expects licensed institutions to cooperate fully in providing all relevant information and documents without its having routine recourse to legal powers as provided under the Act.

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