Money Changers Association of India was registered on 18.12.1997 as a Company under Section 25 of the Companies Act, 1956 with its Registered Office in the State of Maharashtra. The Association is functioning from an office situated at Empire House, Basement, 214, Dr.D.N.Road, Ent.A.K.Naik Marg, Fort, Mumbai-400001.

The Association was initially formed by a few entities holding FFMC license issued by RBI and gradually it has grown in size. Most of the members got upgraded as Authorised Dealer Category II and were also holding license issued by RBI as Principal Money Transfer Agents.

Prevention of Money Laundering Act,2002 (PMLA) was amended by Prevention of Money Laundering (Amendment) Act,2009 in terms of which Authorised Persons and Money Transfer Agents were brought within the purview of PMLA,2002.

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