(1) Subject to subsections (2) and (3) a person shall not carry on money services business in Saint Lucia unless that person holds a licence in accordance with this Act.
(2) A person who immediately before the date of commencement of this Act was carrying on money services business, shall upon that date be deemed to be duly licensed under this Act for a period of four months, or such other period as the Authority approves and shall require a licence in order to carry on money services business after the expiry of that period.
(3) A person holding funds which that person has obtained by conducting money services business without being in possession of a licence granted under this Act, shall settle his or her obligations in accordance with the regulations.
(4) A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.