18 December 2021
BNM issued an exposure draft on agent oversight framework for money services business (“Exposure Draft”) on 18 November 2021 for public consultation by 18 January 2022.
According to BNM, this Exposure Draft is intended to update the Guidelines on Agent Oversight Framework for the Money Services Industry issued on 15 April 2013 (“Existing Guidelines”).
The Exposure Draft, when it comes to effect, will apply to all money services business licensees (a “MSB Licensee”) which are approved to appoint money services business agents under section 43 of the Money Services Business Act 2011.
The amendments introduced in this Exposure Draft include, without limitation:
- the expansion of the definitions of “agent” and “money services business agent”.
- introduction of a definition of “substantial shareholder” which is not in the Existing Guidelines, and a notification obligation on MSB Licensees of any change to the non-substantial shareholder(s) of its third-party agents.
- introduction of definitions of “mobile channel” and “online channel” and new regulation of the conduct of money services business through online and/or mobile channel by agents.
Contact Us For Further Information Regarding Financial Services Matters.
For further information, please contact:
Christina S.C. Kow, Partner, Shearn Delamore & Co
christina@shearndelamore.com
