The Money Transfer Agencies (Licensing) Act, which provides for the licencing of money transfer agencies and money transfer agents will come into effect on October 1.Minister of Finance, Dr. Ashni Singh, signed the commencement order on August 21, the Government Information Agency (GINA) stated yesterday.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,
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