(1) This Act does not apply to—
(a) a person licensed under the Banking Act or the International Banks Act unless such person is operating as an agent or a franchise holder of a money services business;
(b) the Central Bank;
(c) an organisation licensed as a clearing agency under the Securities Act;
(d) an operator of a clearing house or funds transfer system under the Payment System Act.
(2) A money services business which is licensed under this Act is not required to be licensed under the Trade Licences Act.
(3) This Act does not apply to or affect the validity of any money services business transaction in existence at the date of commencement of this Act.