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