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Legislative Drafting
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Revised Laws of Saint Lucia
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MONEY SERVICES BUSINESS ACT
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1. Short title
Revised Laws of Saint Lucia (2022)
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PART 1
PRELIMINARY
1. Short title
This Act may be cited as the Money Services Business Act.
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1. Short title
3. Application of this Act
4. Requirement for licence
7. Alteration of facts disclosed in application
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
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
20. Extension of time for providing information
21. Retention of records
22. Examination by Authority
23. Confidential information
24. Exchange of information
25. Segregated Accounts
27. Utilisation of deposits, etc.
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
33. Revocation and termination of licence
34. Suspension of licence
36. Appointment of receiver
37. Authority may apply to Court to preserve customers' interests
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
46. Immunity
47. Prudential guidelines
49. Administration of this Act
50. Regulations
Schedule 2
8. Adequacy of capital
9. Period of licence and licence fee
26. Bankruptcy or insolvency of licensee
35. Persons carrying on money services business without a licence
38. Powers of the Authority in respect of licensees
45A. General penalty
2. Interpretation
5. Classes of licences
6. Application for licence, formalities and considerations
19. Returns
Schedule 1
Schedule 3
Schedule 4