Regulatory Alerts2019-01-01
Central Bank of Barbados Guideline for Licensing and Supervision of Money or Value Transmission Service Providers
The Central Bank of Barbados issued this July 2019 framework to regulate and supervise non-bank money or value transmission service providers under the Financial Institutions (Amendment) Act, 2018. The guideline establishes mandatory licensing criteria, including minimum capital requirements, fitness and propriety assessments for directors, and strict anti-money laundering compliance obligations for both providers and their agents. It further mandates ongoing supervisory measures such as quarterly reporting, five-year record retention, and periodic on-site inspections to ensure adherence to international best practices.
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