Regulation 2014
Financial Institutions (Money Transfer) Regulations, 2014 (Legal Notice No. 14 of 2014)
Issued by Central Bank of Lesotho
Plain-English summary
Made under ss. 13 and 71(1) of the Financial Institutions Act. Anyone carrying on money transfer business, other than a bank, must apply to the Commissioner for a Type IV licence (regs 3-4), valid for one year (reg. 10). Licensees must run risk-based AML/CFT procedures including suspicious transaction reporting to the FIU (reg. 22) and submit the returns in Schedule V (reg. 17). The Commissioner may impose penalties of up to M100,000 for a contravention (reg. 23).
Who it applies to
Payments & Fintech
Topics
AML / CFT / Sanctions Payments & Fintech / Digital Assets
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| Money transfer business licensing and returns | Before operating; licence valid one year | CBL | official | |
Reg. 4(1) requires anyone carrying on money transfer business to apply to the Commissioner for a Type IV licence; banks are excluded (reg. 3(2)). Licences run for one year (reg. 10). Reg. 22 requires risk-based AML/CFT procedures including reporting suspicious transactions to the FIU. Reg. 17 and Schedule V require periodic returns, and reg. 23 allows penalties of up to M100,000 per contravention. |
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| No obligations match these filters. | ||||
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