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The Central Bank of Barbados has been charged with the responsibility to supervise and monitor the activities of money or value transmission service providers (MVTS) in Barbados. To this end, the Bank Supervision Department has established a supervisory framework for all domestic entities presently conducting or seeking to carry on such business.
The provisions which will be applied to the MVTS sector are set out in the Guideline for Licensing and Supervision of Money or Value Transmission Service Providers. To assist existing MVTS providers with the transition to becoming licensees, we have prepared the Guidance Note on Arrangements for Transitioning to the Financial Institutions Act Cap 324A for Existing Persons Carrying on the Business of a Money or Value Transmission Service Provider. The Application Form for a licence is also posted for your convenience.