L.R.O. 1/2012
LAWS OF GUYANA
MONEY TRANSFER AGENCIES (LICENSING) ACT
CHAPTER 85:10
Act
20 of 2009
Current Authorised Pages
Pages
(inclusive)
Authorised
by L.R.O.
1 – 17 ... 1/2012





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Note
on
Subsidiary Legislation
This Chapter contains no subsidiary legislation.

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CHAPTER 85:10
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Interpretation.
3. Application for licence.
4. Grant of licence.
5. Terms of licence and renewal.
6. Premises where licensed agency to be carried on.
7. Money transfer agent.
8. Requirements of money transfer agents.
9. Terms of certificate of registration and renewal.
10. Conditions of licence and certificate of registration.
11. Suspension and revocation of licence or certificate of registration.
12. Right of licensee and money transfer agent to conduct money
transfer.
13. Receipts.
14. Keeping of accounts and other records.
15. Returns.
16. Production and examination of books.
17. Penalties.
18. Power to make regulations.
19. Non-application of Act.
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MONEY TRANSFER AGENCIES (LICENSING) ACT
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CHAPTER 85:10
20 of 2009 An Act to provide for the licensing of persons carrying on
the business of money transfer agencies; to make
provision for the registering of money transfer agents
and for connected purposes.
[21ST AUGUST, 2009]
Short title.
Interpretation
c. 85:02
1. This Act may be cited as the Money Transfer
Agencies (Licensing) Act.
2. In this Act –
"Bank" means the Bank of Guyana established under the
Bank of Guyana Act;
"foreign currency" means any currency or claims to a
currency other than Guyana dollars;
"licence" means a licence granted under this Act;

"licensed agency" means any agency where a licensee is
authorised to carry on the business of money transfer;
“licensed premises" means the premises specified in a
licence where the licensee carries on the licensed
agency;
"licensee", unless the context requires otherwise, means the
holder of a licence granted under this Act and which
has not been suspended or revoked or the term of
which has not expired;
"money transfer" means the making of any payment by a
MONEY TRANSFER AGENCIES (LICENSING) ACT
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Application for
licence.

c. 87:01
c. 87:01
person in the scheduled territory to or for the credit of a
person outside the scheduled territory, or to a person in
the scheduled territory by order or on behalf of a
person outside the scheduled territory;
"money transfer agent" means any person carrying on the
business of money transfer on behalf of a licensee;
"scheduled territory" means Guyana.
3. (1) Subject to subsection (2), a person who is
desirous of operating a licensed agency shall apply to the
Bank in the prescribed form for a licence for that purpose.
(2) A licensee under the Dealers in Foreign
Currency (Licensing) Act or any related party, holding
company, subsidiary or other affiliate of such a licensee shall
not be eligible for the grant of a licence under this Act.
(3) An applicant for a licence shall submit the
prescribed fee along with his application.
(4) In the case of a person engaged in the business
of money transfer prior to the commencement of this Act (the
appointed date), that person shall within one month from the
appointed date make an application to the Bank for a licence
under this section, and shall cease carrying on the business of
money transfer within three months from the appointed date
unless the licence is granted by the Bank.
(5) In the case of a licensee under the Dealers in
Foreign Currency (Licensing) Act or any related party,
holding company, subsidiary or other affiliate of such a
licensee who was engaged in the business of money transfer
prior to the commencement of this Act (the appointed date),
that person shall within three months from the appointed
date cease carrying on the business of money transfer.
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c. 87:01

Grant of
licence.
(6) For the purposes of subsections (2) and (5),
“related party” means –
(a) any officer, official or director of the
licensee under the Dealers in Foreign
Currency (Licensing) Act (hereinafter
in this subsection referred to as "the
Act");
(b) any person affiliated with an officer,
official or director of the licensee
under the Act;
(c) any officer, official or director of the
licensee under the Act who owns
equity capital or otherwise has a
beneficial interest of ten percent or
more in the licensee's business;
(d) any employee of the licensee under
the Act;
(e) any other person or class of persons
specified by the Bank as related to the
licensee under the Act.
4. (1) The Bank, after consultation with the Minister,
may, having regard to –
(i) the experience in financial business of
the applicant;
(ii) the financial resources of the
applicant;
(iii) the character and the antecedents of
the applicant;

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Terms of
licence and
renewal.
(iv) the soundness and feasibility of
the applicant's business plan;
(v) whether the applicant has competence
and experience for operating the
business of money transfer;
(vi) whether the applicant will operate the
business of money transfer
responsibly;
(vii) the best interests of the financial
system in the scheduled territory; and
(viii) the public interest,
grant or refuse to grant a licence.
(2) A licence shall be in the prescribed form and
the applicant shall pay the prescribed fee for the grant of the
licence.
(3) Where a licence is granted, the licensee shall
display the licence at a conspicuous place at the licensed
premises.
5. (l) A licence expires on the 31st day of December of
the year in which it is granted.
(2) Where a licensee wishes to renew a licence, he
shall, not later than the 15th day of January in every year,
make an application in the prescribed form accompanied by
the prescribed fee to the Bank to renew the licence:
Provided that the Bank may, after giving the licensee a
reasonable opportunity of being heard, and after consultation
with the Minister, refuse the renewal of a licence where a
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Premises where
licensed agency
to be carried
on.

Money transfer
Agent.

Requirements
of money
transfer agents.
licensee has contravened any provision of this Act or any
conditions of the licence or where the Bank considers it to be
in the public interest.
6. (1) A licence shall specify the premises where the
licensed agency may be carried on and, subject to subsection
(2), the licensed agency shall not be carried on in any other
premises.
(2) Where a licensee is desirous of moving the
licensed agency to premises other than the premises specified
in the licence he shall make an application in the prescribed
form and submit the prescribed fee; and where the Bank
grants the application, the licence shall be amended
accordingly.
7. A licensee may appoint a person by agreement in
writing as its money transfer agent with the authority to
provide money transfer services on behalf of the licensed
agency.
8. (1) No person shall act as a money transfer agent
unless that person has first registered with the Bank.
(2) Every person who wishes to be registered as a
money transfer agent shall –
(a) make an application in the prescribed
form and submit the prescribed fee;
and
(b) supply the Bank with the following –
(i) the name of the applicant;
(ii) the address of the premises
from which the money transfer
agent will operate;
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(iii) a copy of the written agreement
between the licensee and the
proposed money transfer agent;
and
(iv) such other information and
documents that the Bank may
require.

(3) The Bank may grant a certificate of registration
subject to such terms and conditions, if any, as the Bank
considers necessary.
(4) The Bank shall in determining whether to
register any money transfer agent, take into account –
(a) whether the proposed money transfer
agent is a fit and proper person to
provide money transfer services;
(b) whether the proposed money transfer
agent has entered into a suitable
written agreement to provide money
transfer services on behalf of the
licensed agency;
(c) the professional reputation and
experience of the proposed money
transfer agent;
(d) the best interests of the financial
system in the scheduled territory; and
(e) the public interest.
(5) A certificate of registration shall be in the
prescribed form and the applicant shall pay the prescribed fee
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Terms of
certificate of
registration
and renewal.
Conditions of
licence and
certificate of
registration.
for the grant of the certificate of registration.
(6) Where a certificate of registration is granted,
the registered person shall display the certificate of
registration at a conspicuous place at the premises from
which the money transfer agent will operate.
9. (1) A certificate of registration expires on the 31st
day of December of the year in which it is granted.
(2) Where a person wishes to renew a certificate of
registration, he shall, not later that the 15th day of January in
every year, make an application in the prescribed form
accompanied by the prescribed fee and a written
endorsement of the licensee to the Bank to renew the
certificate of registration:
Provided that the Bank may, after giving the applicant a
reasonable opportunity of being heard, refuse the renewal of
a certificate of registration where the registered person has
contravened any provision of this Act or any conditions of the
certificate of registration or where the Bank considers it to be
in the public interest.
10. (1) Every licensed agency and money transfer
agent shall be subject to the provisions of this Act and the
conditions as may, from time to time, be prescribed by
regulations or specified in the licence or certificate of
registration.
(2) The conditions of a licence or certificate of
registration referred to in subsection (1) may include –
(a) a condition as to the furnishing of
surety by the licensee or money
transfer agent;
(b) the amount of surety and conditions
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c. 10:11

Suspension and
revocation of
licence or
certificate of
registration.
c. 10:11
under which the surety may be
forfeited; and
(c) the power of the Bank to vary the
amount of surety from time to time.
(3) Every licensed agency and money transfer
agent shall comply with the Anti-Money Laundering and
Countering the Financing of Terrorism Act.
11. (1) The Bank may suspend or revoke a licence or
certificate of registration where the licensee or money transfer
agent–
(a) has ceased to carry on the business of
money transfer for a period of six
months;
(b) has been convicted of a felony or of
any offence involving fraud,
dishonesty or breach of trust;

(c) is a discharged or an undischarged
bankrupt;
(d) has presented misleading information
to obtain the licence or certificate of
registration;
(e) has contravened or failed to comply
with the provisions of the Anti-
Money Laundering and Countering
the Financing of Terrorism Act; or
(f) has contravened or failed to comply
with any provision of this Act or any
of the conditions subject to which the
licence or certificate of registration
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Right of
licensee and
money transfer
agent to
conduct money
transfer.
was granted or where the Bank
considers it to be in the public
interest.
(2) The Bank shall not suspend or revoke a licence
or certificate of registration unless the licensee or money
transfer agent has been given a reasonable opportunity to
make representation.
(3) The Bank may suspend a licence or certificate of
registration pending any investigation into a complaint of any
act or omission that threatens or can affect the integrity,
stability or soundness of the financial system.
(4) Where the Bank suspends or revokes a licence
or certificate of registration, it may give directions as regards
the settlement of outstanding transactions.
(5) Any action taken by the Bank under this
section, in relation to suspension or revocation of a licence or
certificate of registration, shall only be taken after
consultation with the Minister.
12. (1) Subject to the provisions of this Act and the
conditions of the licence or certificate of registration, a
licensee or money transfer agent shall be entitled to carry on
the business of money transfer.
(2) Subject to regulations made under this Act,
where payments to local recipients of money transferred are
effected in Guyana dollars, the licensee or money transfer
agent shall display, at a prominent place on the licensed
premises or premises from which the money transfer agent
operates, the implicit conversion rates applied and any
applicable charges in Guyana dollars.
(3) Subject to regulations made under this Act,
where payments to a licensee or money transfer agent for
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c. 85:02

c. 85:02

Receipts.
Keeping of
accounts and
other records.
money to be transferred from the scheduled territory are
effected in Guyana dollars, the licensee or money transfer
agent shall display, at a prominent place on the licensed
premises or premises from which the money transfer agent
operates, the implicit conversion rates and any applicable
charges in Guyana dollars.
(4) Subject to and in accordance with section 20 of
the Bank of Guyana Act, where payments to a licensee or
money transfer agent for money to be transferred from the
scheduled territory are effected in foreign currency, the
licensee or money transfer agent shall display, at a prominent
place on the licensed premises or premises from which the
money transfer agent operates, any applicable charges in
Guyana dollars.
(5) Subject to and in accordance with section 20 of
the Bank of Guyana Act, where payments to local recipients
of money transferred are effected in foreign currency, the
licensee or money transfer agent shall display, at a prominent
place on the licensed premises or premises from which the
money transfer agent operates, any applicable charges in
Guyana dollars.
(6) A licensee or money transfer agent shall not
carry on the business of lending or borrowing, or accepting
deposits of, any foreign or local currency, except as implicit in
the transfer arrangement and an obligation under this section
shall be available for liquidation in no longer than one
business day.

13. A licensee and a money transfer agent shall give to
any person sending or receiving money a receipt and keep a
duplicate of the receipt.
14. Every licensee and money transfer agent shall
maintain a proper account in which shall be recorded any
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Returns.

Production and
examination of
books.

c. 10:11
particulars prescribed by the Bank by regulations, notices or
guidelines for a period of five years after the termination of
the business transaction so recorded.
15. Every licensee and money transfer agent shall
deliver to the Bank, within such period as may be specified
and in such form as the Bank may from time to time specify,
any of the particulars prescribed by the Bank under section
14.
16. Any person authorised by the Bank may enter a
licensed premises or premises from which a money transfer
agent operates at all reasonable times and –
(a) request the licensee, money transfer agent or
any of the directors, managers, officers or
employees to produce any accounts, books,
records, documents, electronic data and any
other relevant information –
(i) relating to the licensed agency or the
money transfer agent's business of
money transfer that are found therein
or that are in the possession or control
of any director, manager, officer or
employee; or
(ii) likely to contain, in the opinion of the
person, evidence of the contravention
of any provision of this Act, the Anti-
Money Laundering and Countering
the Financing of Terrorism Act or any
condition of the licence or the
certificate of registration granted to
the licensee or money transfer agent;
(b) question –

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Penalties.

Power to make
Regulations.
(i) the licensee, the money transfer agent
or any of the directors, managers,
officers or employees; or
(ii) any other person found on the
licensed premises or the premises
from which the money transfer agent
operates.
17. (1) A licensee, money transfer agent or any of their
directors, managers, officers or employees who –
(a) fails or refuses to comply with section
16; or
(b) obstructs any person authorised by
the Bank from carrying out his
function under section 16,
commits an offence and is liable on summary conviction to a
fine of two hundred and fifty thousand dollars and to
imprisonment for six months.
(2) Any person who contravenes any provision of
this Act, any regulation, notice, guideline, or any condition of
a licence or certificate of registration, for which no penalty has
been specified in any other provision of this Act commits an
offence and is liable on summary conviction to a fine of five
hundred thousand dollars and to imprisonment for one year.
18. (1) The Bank may make regulations and issue
notices or guidelines for carrying out the purposes of this Act.
(2) Without prejudice to the generality of the
provisions of subsection (1), the regulations, notices and
guidelines may in particular, provide for all or any of the
following matters –
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(a) the form of an application for a
licence and of a licence;
(b) the fees payable along with the
application for a licence and for the
grant of a licence;
(c) the form of an application for renewal
of a licence and the fee payable for the
renewal;
(d) the form of an application for change
of a licensed premises and the fee
payable for the change;
(e) the form of an application for
registration and of a certificate of
registration;
(f) the fees payable along with the
application for registration and for the
grant of the certificate of registration;
(g) the particulars that an account and
other records to be kept by licensee
and money transfer agent shall
contain;
(h) the display of exchange rates and
applicable charges;
(i) financial penalties for breach of
regulations, notices or guidelines;
(j) any other matter that is required to be
or may be prescribed by or under this
Act.
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Non-
Application of
Act.
c. 85:03.
19. This Act does not apply to a licensed depository
financial institution under the Financial Institutions Act.
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