Money Remittance

We help Money Service Operators (MSOs) in adopting AML/CTF Solutions to meet compliance requirements.

Anti-Money Laundering and Counter-Terrorist Financing

Under the AMLO, a person who wishes to operate a remittance and / or money changing service (i.e. money service as defined under the AMLO) is required to apply for a licence from the Commissioner of Customs & Excise (CCE). Operating a money service without obtaining a money service operator licence from the CCE is an offence and liable to a fine of $1,000,000 and imprisonment for two years.

Under the AMLO, the CCE is the relevant authority to regulate Money Service Operators (MSOs) (i.e. Remittance Agents and Money Changers) and supervise licensed MSOs' compliance with the customer due diligence and record-keeping obligations and other licensing requirements, as well as combating unlicensed operation of money service.