The Money Transfer Agencies (Licensing) Act,Cheap Jerseys From China, which provides for the licencing of money transfer agencies and money transfer agents came into effect on October 1.Minister of Finance, Dr. Ashni Singh, signed the commencement order on August 21.The legislation names the Bank of Guyana as the designated oversight body for money transfer agencies and money transfer agents. Anyone desirous of carrying on the business of a licenced agency under the legislation is required to apply to the Bank in the prescribed form for a licence for that purpose.In the case of a person engaged in the business of money transfer prior to October 1, the person has to, within one month from that date, apply for a licence.The Bank, after consultation with the Minister of Finance, may grant or refuse the licence, after taking a number of factors into consideration.These include the applicant’s experience in financial business of the applicant; the financial resources of the applicant; the character and the antecedents of the applicant; the soundness and feasibility of the applicant’s business plan; the applicant’s competence and experience for operating the business of money transfer; the applicant’s ability to responsibly operate a money transfer agency; the best interests of the financial system in Guyana and the public’s interest.Once the licence is granted, the licencee would be required to display it at his place of business.A licence expires on December 31 of the year in which it is granted, and where a person wishes to renew a certificate of registration, he shall, no later than January 15 in the new year, make an application in the prescribed form accompanied by the prescribed fee and a written endorsement of the licencee to the Bank of Guyana to renew the certificate of registration.The Bank of Guyana may refuse to grant the renewal of a certificate of registration,Cheap NFL Shop, after giving the applicant a reasonable opportunity of being heard, where the registered person has contravened any provision of this Act, any conditions of the certificate of registration, or where the Bank considers it to be in the public interest.The Bank may suspend or revoke a licence or certificate of registration where the licencee or money transfer agent has been convicted of a felony or of any offence involving fraud, dishonesty or breach of trust, among other factors.Further, 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,Wholesale NFL Jerseys, stability or soundness of the financial system.A licencee,China NFL Jerseys, money transfer agent or any of their directors, managers, officers or employees, who fails or refuses to comply with persons authorised by the Bank of Guyana, or obstructs that person from carrying out his function, commits an offence and is liable on summary conviction to a fine of $250,000 and imprisonment for six months.Any person who contravenes any provision of the Act, any regulation, notice,Jerseys NFL Cheap, 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,Wholesale Jerseys Cheap, commits an offence and is liable on summary conviction to a fine of $500,000 and imprisonment for one year.