Regulatory Alerts2025-01-24
Added · Updated
Financial Services (Fees) (Amendment) Regulations, 2025
These Regulations amend the Financial Services (Fees) Regulations, 2020, to update fee schedules for specific licensing approvals. A new fee of US$500 for application and US$1,000 for approval is established for licensees appointing a single individual as both Money Laundering Reporting Officer and compliance officer. Additionally, the fee for approving a director or senior officer is set at US$300 for application and US$600 for approval, while a separate US$300 application and US$600 approval fee is introduced for appointing a Money Laundering Reporting Officer without a compliance officer. These changes apply to licensees under the Financial Services Commission Act and come into force on January 2, 2025.