Regulatory Alerts2014-01-01
Financial Institutions (Money Transfer) Regulations, 2014
Issued by the Commissioner of Financial Institutions under Lesotho's Financial Institutions Act of 2012, these regulations establish a comprehensive licensing and supervisory framework for money transfer businesses. The rules mandate a structured application process, fit-and-proper assessments for directors and major stakeholders, and strict anti-money laundering and terrorism financing compliance procedures. The Commissioner is empowered to conduct inspections, issue directives, revoke licenses for non-compliance, and impose penalties of up to M100,000 plus daily fines for continuing offences.
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