The Dominica Financial Services Unit issued a public notice revoking The National Cooperative Credit Union Limited’s (NCCU) licence to operate as an agent for JN Money Services Limited, a Money Services Business (MSB) Class A (money transmission), with effect from 3 January 2025. Following the revocation, NCCU is no longer authorised to operate as a money services business or carry out related financial transactions such as remittance services under that agency arrangement. The action was taken pursuant to section 33 of the Money Services Business Act (Chapter 78:82 of the 2017 Revised Laws of the Commonwealth of Dominica) and the revocation was also publicised in the Gazette dated 20 March 2025.
Dominica Financial Services Unit 2025-04-15
Dominica Financial Services Unit revokes National Cooperative Credit Union’s agency licence for JN Money Services effective 3 January 2025
The Dominica Financial Services Unit has revoked The National Cooperative Credit Union Limited’s licence to operate as an agent for JN Money Services Limited, a Money Services Business Class A (money transmission), effective 3 January 2025. NCCU is no longer authorised to operate as a money services business or provide related financial transactions such as remittance services under that agency arrangement, with the action taken under section 33 of the Money Services Business Act and published in the Gazette of 20 March 2025.