ACT
(Acts 11 of 2010, 9 of 2013, 20 of 2014, 1 of 2016, 5 of 2021 and 4 of 2023)
Act 11 of 2010.. in force 15 March 2010
Amended by Act 9 of 2013 .. in force 16 December 2013
Amended by Act 20 of 2014 .. in force 22 December 2014
Amended by Act 1 of 2016 .. in force 4 January 2016
Amended by Act 5 of 2021 .. in force 17 May 2021
Amended by Act 4 of 2023 .. in force 9 March 2023
ARRANGEMENT OF SECTIONS
PART 1
PRELIMINARY
| 1. | Short title |
| 2. | Interpretation |
| 3. | Application of this Act |
PART 2
LICENCES
| 4. | Requirement for licence |
| 5. | Classes of licences |
| 6. | Application for licence, formalities and considerations |
| 7. | Alteration of facts disclosed in application |
| 8. | Adequacy of capital |
| 9. | Period of licence and licence fee |
| 10. | Authorisation of location and approval of new business premises |
| 11. | Display of licence certificate |
| 12. | Restrictions on names likely to mislead |
| 13. | Advertisement |
| 14. | Actions of fundamental change requiring approval |
| 15. | Change in directorship |
PART 3
AUDIT, INFORMATION AND EXAMINATION
| 16. | Annual audit, report and publication of financial statements and results |
| 17. | Notice of termination of auditor's appointment |
| 18. | Accounting records and systems of business control |
| 19. | Returns |
| 20. | Extension of time for providing information |
| 21. | Retention of records |
| 22. | Examination by Authority |
| 23. | Confidential information |
| 24. | Exchange of information |
PART 4
SEGREGATED ACCOUNTS, BANKRUPTCY OR INSOLVENCY OF LICENSEE
| 25. | Segregated Accounts |
| 26. | Bankruptcy or insolvency of licensee |
| 27. | Utilisation of deposits, etc. |
PART 5
ABANDONED PROPERTY
| 28. | Abandoned property |
| 29. | Report, publication and disposal of abandoned property |
| 30. | Sale and handling of proceeds of sale of abandoned property |
| 31. | Claims on abandoned property |
| 32. | Penalties for failure to file abandoned property report |
PART 6
ENFORCEMENT
| 33. | Revocation and termination of licence |
| 34. | Suspension of licence |
| 35. | Persons carrying on money services business without a licence |
| 36. | Appointment of receiver |
| 37. | Authority may apply to Court to preserve customers' interests |
| 38. | Powers of the Authority in respect of licensees |
| 39. | Transactions effected prior to suspension or revocation of licence |
| 40. | Powers and duties of the Authority |
| 41. | Criteria of prudent management |
| 42. | Management's duty of compliance with the requirements of the law |
| 43. | False or misleading information |
| 44. | Removal and disqualification of officers |
| 45. | Offences by officers of corporate bodies |
| 45A. | General penalty |
PART 7
IMMUNITIES, REGULATIONS AND GUIDELINES
| 46. | Immunity |
| 47. | Prudential guidelines |
| 49. | Administration of this Act |
| 50. | Regulations |
| Schedule 1 | |
| Schedule 2 | |
| Schedule 3 | |
| Schedule 4 | |
AN ACT to provide for the licensing and regulation of money services businesses and to make provision for related matters.
Commencement [15 March 2010]