It is hereby notified for general information that the International Financial Services Commission (the “Commission”) has adopted the following policies and procedures in respect of payment methods, issuance of receipts and credit balances with effect from 23rd July 2018:
Payment Methods Fees payable to the Commission must be paid in United States Dollars and may only be done by the following methods:
1. United States Dollar denominated Bank Draft or Cashier’s Cheque, made out in favour of the International Financial Services Commission; or
2. United States Dollar cash deposit1, internal bank transfer, or wire transfer into the Commission’s operational accounts held at Heritage International Bank & Trust Limited. A bank service charge of US$60.00 per transaction must be added to the amount payable, if payment is done via a wire transfer. Proof of payment should be sent to the Commission after payment has been made. In this respect, proof of payment may consist of any of the following, depending on the method of payment utilised:
a) A copy of the deposit slip for cash deposits;
b) A copy of the internal bank transfer receipt; or
c) A copy of the Payment/Swift Confirmation for
Proof of payment must be submitted to the Commission within 24 hours from the time the payment transaction has been processed, always accompanied by the complete application or service request.
1 Only small value payments not exceeding US$1,000.00 may be done via cash deposits.
The application or service request will be processed after the Commission has received details of the name of the sender/remitter of the funds, a copy of proof of payment confirmation that the appropriate amount has been credited to the Commission’s account, including subject to the Commission’s confirmation that the application request is complete in all aspects, as applicable.
The Commission will not issue Official Receipts if payment has been made via cash deposits, internal bank transfer or wire transfer. Official Receipts will be issued for payments made by U.S. Dollar denominated Bank Draft or Cashier’s cheque. .
The practice of holding credit balances on behalf of licensees has been discontinued. Licensees are cautioned that they must remit only the exact amount payable for the relevant application or service, plus any applicable bank charges
Administrative Actions for Non-Compliance
Failure to adhere to any of the above-mentioned policies will result in the payment being rejected and returned to the licensee, which will delay the processing of the relevant application or service. The Commission may also assess an administrative penalty for failure to adhere to this policy.
All licensees are advised to take note.