Money Service Provider Companies (MSPCOs) are non-banking financial institutions engaged in the purchase and sale of foreign currencies, the facilitation of hawala (money remittances), and other related financial services.
These entities play a vital role in the economy by enabling efficient financial transactions.
In accordance with the regulatory framework and anti-money laundering provisions, all licensed MSPCOs are required to submit reports on large cash transactions involving currency exchange and hawala (remittance) within the stipulated timeframe and prescribed format. Such reports must be submitted through the FinTRACA online portal.