Revised Laws of Saint Lucia (2021)

6.   Application for licence, formalities and considerations

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    (1)   In order to obtain a licence as a money services business, a person shall apply in writing to the Authority and submit the documents and other information as specified in Schedule 2 and pay the application fee prescribed in Schedule 4.

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    (2)   In considering an application for a licence, the Authority shall conduct such investigation as the Authority deems necessary to ascertain—

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      (a)     the validity of the documents submitted in accordance with Schedule 2;

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      (b)     the financial condition and history of the applicant;

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      (c)     the nature of the business of the applicant;

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      (d)     the experience of the persons who are to constitute the applicant's management;

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      (e)     the source of initial capital; and

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      (ƒ)     the convenience and needs of the community to be served by the granting of the licence.

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    (3)   In considering an application for a Class A, Class B, Class E or Class F licence, the Authority shall, in addition to the matters specified in subsection (2), take into consideration —

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      (a)     the adequacy of capital structure; and

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      (b)     the earning prospect of the applicant.

(Substituted by Act 20 of 2014 and amended by Act 5 of 2021)

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    (4)   Within a reasonable time of receiving an application for a licence the Authority shall—

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      (a)     if the Authority is satisfied that an application under subsection (1) is in order and that the applicant is a fit and proper person to be licensed to conduct money services business and that the applicant can fulfil the obligations of a licensee under this Act—

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        (i)     approve the application and issue a licence to the applicant in the form set out in Schedule 3, subject to the applicant paying the prescribed licence fee set out in Schedule 4 and making the prescribed statutory deposit in accordance with section 8, and subject to such other terms, conditions and restrictions the Authority considers necessary,

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        (ii)     on issuing the licence to the applicant, submit a copy of the licence to the Central Bank and recommend to the Central Bank that the licensee be designated in accordance with section 11 of the Payment System Act; or

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      (b)     if the Authority is of the opinion that it would be undesirable in the public interest to grant the licence or that the applicant is not a fit and proper person to be licensed to conduct money services business, the Authority may refuse to grant the licence and shall inform the applicant of the refusal to grant the licence.

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    (5)   In considering whether an applicant is a fit and proper person to be licensed, the Authority—

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      (a)     shall have regard to, in respect of each of the applicant's significant shareholders, directors, executive management and officers—

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        (i)     the person's financial status,

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        (ii)     the person's educational or other qualifications or experience having regard to the nature of the person's application,

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        (iii)     the person's ability to perform the proposed function efficiently, honestly and fairly, and

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        (iv)     the person's reputation, character, financial integrity and reliability; and

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      (b)     may take into account any matter relating to—

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        (i)     any person who is or is to be employed by, or associated with the applicant for the purposes of the business to which the application relates,

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        (ii)     any person who will be acting as a principal or representative in relation to such business, and

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        (iii)     any significant shareholder, director or officer of the applicant, any other company or firm in the same group of companies, or to any director or officer of any such company or firm.

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    (6)   For the purposes of this section, the Authority may have regard to any information in the Authority's possession whether furnished by the applicant or not.

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    (7)   A licence to carry on money services business under this Act is not transferable.

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    (8)   The Authority may, at any time, vary the conditions or restriction imposed by the Authority under subsection (4).

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    (9)   The Minister may amend Schedules 2, 3 and 4 by Order published in the Gazette.