Requirements for a Remittance Service Provider (RSP) Licence
The Central Bank of Belize (Central Bank) may grant a license to an applicant to provide a remittance service if the Central Bank is satisfied that the below requirements are met. The Central Bank maintains the right to request additional information if necessary. To complete the application, the following information pursuant to section 8 of the National Payment System Act, 2017 should be provided.
Steps to apply for an RSP licence
1. Notarized copy of social security card or passport for directors and principal officers of the proposed payment service provider.
2. Business plan, including but not limited to:
- Type of service(s) and targeted market;
- Intended business locations; and branches;
- Contact person(s) and contact information;
- Scope of payment service;
- Proposed fee structure;
- Five-year budget forecast, which shows that the applicant has the necessary systems, resources, and procedures to provide payment services, as well as, projected volume and value of monthly transactions;
- Management arrangements and internal control mechanisms, including:
i. Administrative procedures; and
ii. Accounting procedures.
- Procedures to comply with obligations in relation to anti-money laundering and terrorist financing;
- Information on proposed branches and agents; and
- Measures to safeguard customer funds and settlement of disputes.
3. Organizational chart.
4. Outsourcing arrangements and agreements, if applicable.
5. Agents and merchants’ arrangements and agreement, if applicable.
6. Information on the proposed financial institution that will perform the functions to receive foreign exchange settlement from international service provider.
Information to be obtained from the Foreign Remittance Service Provider
7. Certified copy of corporate document;
8. Notarized copy of identification for the beneficial owners with 10% or more shareholdings;
9. Copy of license to operate as a foreign remittance service provider; and
10. Draft agreement between the institution and the foreign remittance service provider.
Email completed application form, personal declaration form, and supporting documentation to [email protected]
A confirmation of notice will be sent via email within 24 hours of submitted notification.