Pooling of Monetary Resources

The Cayman Islands Money Authority wishes to remind the public that the pooling of monies for remittance constitutes money services business as such, this practice requires a licence pursuant to the Money Services Law (2010 Revision).

Section 4 (1) and 4 (2) of Money Services Law (2010 Revision) states –

“Subject to sections 3(2) and 31, any person who carries on money services business without first obtaining a licence under section 5, is guilty of an offence. 

A person guilty of an offence under subsection (1) is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for one year and, in the case of a continuing offence, to a fine of one thousand dollars for each day during which the offence continues.”

For further clarification contact the Banking Supervision Division of the Cayman Islands Monetary Authority at contactbanking@cimoney.com.ky