Revised Laws of Saint Lucia (2022)

Schedule 2

PART 1

(Section 6)

INFORMATION TO BE CONTAINED IN AND TO ACCOMPANY AN APPLICATION FOR THE GRANT OF A LICENCE

1.     The name and address of the applicant.

2.     The type of money services business the applicant proposes to conduct.

3.     The source and quantum of funds for initial capital or acquisition of the money services business.

4.     The address of the principal office of the applicant and of the registered office of the applicant if different.

5.     If the applicant is a corporation, limited liability company, partnership or other entity the applicant must provide—

1.  

   (a)     the certificate of incorporation or formation and a copy of the memorandum and articles of association, Act, charter, partnership agreement or other instrument constituting and defining the constitution of the applicant verified by a declaration made by one of the applicant's directors or partners or its secretary; and

1.  

   (b)     a brief description of the structure or organisation of the applicant including any parent or subsidiary of the applicant.

6.     The name and address of each person who—

1.  

   (a)     owns or controls the money services business;

1.  

   (b)     is a director or officer of the money services business;

1.  

   (c)     is an agent of the applicant;

1.  

   (d)     otherwise participates in the conduct of the affairs of the money services business.

7.     The following information is also required from the named persons in Item 6 and each significant shareholder—

1.  

   (a)     legal name and any alias and residential address;

1.  

   (b)     occupation over the previous 5 years and business address;

1.  

   (c)     date of birth;

1.  

   (d)     citizenship;

1.  

   (e)     National Insurance Number;

1.  

   (f)     passport number;

1.  

   (g)     two character references, a police or other certificate satisfactory to the Authority that the person has not been convicted of a serious crime or any offence involving dishonesty.

8.     The name and address of any depository institution at which a transaction account is maintained for the purposes of the money services business.

9.     Where appropriate a statement in writing in a form acceptable to the Authority from—

1.  

   (a)     the body responsible for the administration of the laws relating to money services businesses and the supervision of the businesses in the country in which the applicant; or

1.  

   (b)     its parent company is incorporated,

     that the body has no objection to the application being made.

10.     If the applicant is a corporation, limited liability company, partnership or other entity, the following information is required where applicable—

1.  

   (a)     the annual accounts for the 2 year period immediately preceding the date of the application, of each significant shareholder which is a body corporate, together with similar accounts for the parent body, if any, of each of the bodies corporate or the annual accounts for the current year, in the case of a body corporate which is in existence for less than 2 years;

1.  

   (b)     two or more references verifying the good financial standing of each significant shareholder who is a natural person;

1.  

   (c)     the name and address of proposed auditor in accordance with section 16 of the Act;

1.  

   (d)     confirmation letter from auditor;

1.  

   (e)     a statement giving the date for the drawing up of the annual accounts of the applicant;

1.  

   (f)     confirmation in writing under the hand of the presiding officer of the applicant and the presiding officer of the applicant parent body, if any, that the parent company concurs in the making of the application;

1.  

   (g)     three business references of which at least one shall be from a bank;

1.  

   (h)     a detailed business plan, containing details of the current money services business activities, if any, of the applicant and the proposed activities of the applicant if the licence applied for is granted, including—

   1.  

      (i)     the reasons for applying for the licence,

   1.  

      (ii)     the business aims of the applicant in respect of the money services business and potential client base of the applicant,

   1.  

      (iii)     a detailed statement setting out the proposed initial assets and proposed assets and expected liabilities of the applicant at the end of each of the 2 years next succeeding the date of such grant together with an estimate of expected income,

   1.  

      (iv)     particulars of its management structure and personnel of the applicant,

   1.  

      (v)     the names and addresses of the registered offices of all subsidiary companies of the applicant together with a statement as to how much of the capital of each company constitutes an asset of the applicant,

   1.  

      (vi)     a chart showing the relationship to the subsidiaries and affiliates and any holding company of the applicant, and

   1.  

      (vii)     a brief description of each of its subsidiaries and affiliates,

   1.  

      (viii)     details of the identified economic needs that the applicant intends to meet, growth prospects in that service area over the next 5 years, the exact nature and source of capital financing to be made available to the company for start-up and ongoing operations;

1.  

   (i)     details of the applicant's proposals for establishing and maintaining, in respect of the money services business, systems of control, inspection and report, if the licence applied for is granted;

1.  

   (j)     in the case of a company incorporated outside the Saint Lucia, the name and address of the supervisory or regulatory authority responsible for the supervision of each of the applicant's agents operating outside the Saint Lucia.

11.     If the applicant is an agent or a franchise holder the contract and any other documents relating to the operation of the franchise.

12.     General requirements—

1.  

   (a)     the applicant must submit a description of any money services business, other than that which is the subject of the application, previously or currently engaged in by the applicant;

1.  

   (b)     the applicant must submit completed copies of a Personal Questionnaire in Part 2 for each executive officer, director and significant shareholder.

13.     Any other information requested by the Authority.

PART 2
PERSONAL QUESTIONNAIRE

[Fit and Proper Test]

PART A

* “relevant activity” means—

1.  

   (a)     banking, finance, insurance, money-lending, money management, debt-financing, hire purchase financing, leasing or other financial activities;

1.  

   (b)     dealing in securities;

1.  

   (c)     providing investment or financial advice and management.

PART B
RELATED OR OTHER INTEREST

1.     Are you a director of any company, partnership, corporate body or any other business organisation engaged in money services business? If so, state—

1.  

   (a)     name of company/corporated body/etc.;

1.  

   (b)     nature of business;

1.  

   (c)     date of commencement of directorship;

1.  

   (d)     whether or not employed on service contract (e.g. managing directorship) in any case.

2.     Have you been a director of a deposit taking institution, credit extending institution, other financial service provider, any other limited company or corporation other than those stated in the previous questions? If so, state—

1.  

   (a)     name of company/corporation;

1.  

   (b)     nature of business;

1.  

   (c)     date of commencement of directorship;

1.  

   (d)     date of cessation of directorship.

3.     Are you or have you been engaged—

1.  

   (a)     in partnership?; or

1.  

   (b)     in business as a principal on your own account? If so, give particulars.

4.     Are you a beneficial owner of any controlling interest in any unlisted private or public company? If so, give particulars.

5.     Have you ever been a director of, or directly concerned with the management of a bank or other financial institution—

1.  

   (a)     that has been wound up by a court?

1.  

   (b)     the licence of which has been revoked?

1.  

   (c)     which has been placed in receivership?

1.  

   (d)     which has entered into a composition with its creditors?

1.  

   (e)     whose business had been adjudged to have been conducted imprudently or fraudulently?

1.  

   (f)     which has failed to meet the solvency requirements prescribed by law?

1.  

        If so, give particulars.

6.     Have you ever been a director, or been directly concerned with the management or conduct of affairs of any company which has gone into liquidation, whilst you were, or within one year of your being a director, or so concerned? If so, give details of the circumstances including the following—

1.  

   (a)     name of company;

1.  

   (b)     name of liquidator;

1.  

   (c)     address of liquidator.

7.     Have you ever been concerned with the management or conduct of affairs of any corporation which, by reason of any matter relating to a time when you were so concerned, has been censured or disciplined by—

1.  

   (a)     any regulatory authority?

1.  

   (b)     any official appointed enquiry?

1.  

   (c)     any other body concerned with regulation of a relevant activity? If so, give particulars.

8.     Do you (in your personal capacity or through any entity controlled by you) have outstanding debt of any amount 60 or more days in arrears? If so, state the following—

1.  

   (a)     form;

1.  

   (b)     amount;

1.  

   (c)     source;

1.  

   (d)     maturity date.

9.     Has any person, firm or company guaranteed the indebtedness? If so, give particulars (see previous question).

10.     Are you at present guaranteeing the debts and obligations of any third parties? If so, give particulars.

I make this Declaration conscientiously believing the same to be true, accurate, fair, to the best of my knowledge and belief and in accordance with the Statutory Declaration Act, and that I am aware that if there is any statements in this Declaration which is false, or which I know to be false or do not believe to be true, I am liable to imprisonment.

Declared before me

at this day of

PART C
NOTES TO APPLICANTS FOR PERSONAL QUESTIONNAIRE

AUDITED FINANCIAL STATEMENTS

1.     If the applicant is a business that was in existence and operating prior to the date of application, copies of audited financial statements (balance sheet, profit and loss, auditor's report and notes to accounts) for the 5 consecutive years immediately preceding its application, except however that where such applicant has been functioning for less than 5 years, a copy of its audited financial statements for each year it has been in operation shall be sufficient.

2.     Where item I is not applicable the opening balance sheet, (audited).

3.     Operating projections for the proposed licensee's first 5 years of business. This should include balance sheet, income statement and cash flow projections prepared in an acceptable accounting format. Details of any financial or economic assumptions on which these projections are based should be clearly indicated.

4.     Where the applicant is a subsidiary or affiliate of another company, submit in addition to item 1 or 2, audited financial statements of the parent company and its consolidated accounts where applicable.

GLOSSARY

“corporation” means a body corporate, incorporated in Saint Lucia or elsewhere.