Two charged under Money Services Law

A husband and wife appeared in Summary Court on Thursday facing separate charges involving the operation of a money services business without a licence.

Rico Serrayon Montemayor, 35, and Jasminda Paano Montemayor, 39, are also each charged with working as a money transmitter when their work permits allowed them to be employed only as a sales clerk and customer service rep respectively.

Mr. Montemayor is accused of carrying on a money services business in the Cayman Islands between 11 January, 2005, and 3 July, 2007, other than in accordance with a licence issued by the Monetary Authority.

Mrs. Montemayor is accused of acting with him in carrying out a money services business between 15 November, 2005, and 3 July, 2007.

Both are nationals of the Philippines.

Defence Attorney Clyde Allen told Chief Magistrate Margaret Ramsay-Hale that he was representing only Mrs. Montemayor. He added that the investigation had taken place over a matter of months.

Crown Counsel Kirsty-Ann Gunn did not provide any background to the charges, but she did give Mr. Allen and Mr. Montemayor copies of documents in the case.

She asked that bail continue with a condition of residence and surrender of passports, with defendants instructed not to leave or attempt to leave the jurisdiction.

The next mention date was set for Thursday, 14 February.

Money services business refers to a business providing, as its main business, such services as money transmission, cheque cashing and currency exchange.

Anyone convicted of carrying on such business without an appropriate licence is liable to a fine of $10,000 and to imprisonment for one year.

In the case of a continuing offence, the convicted person is liable to a fine of $1,000 for each day the offence continues.