Bureaux de Change
A Bureau de Change Business is a business that provides members of the public with a service that involves buying or selling foreign currency.
A person (legal or natural) shall not operate as a Bureau de Change Business in the absence of an authorisation under Part V of the Central Bank Act, 1997 (as amended).
The supervisory regime for Bureaux de Change businesses was introduced to comply with the recommendations of the OCED sponsored body, the Financial Action Task Force on Money Laundering, which requires member countries to authorise and supervise Bureaux de Change Businesses for anti-money laundering purposes and to prevent the financing of terrorism.
The Central Bank is responsible for monitoring the anti-money laundering and prevention of the financing of terrorism measures adopted by Bureaux de Change Businesses.
It is also responsible for the approval of certain charges imposed by a Bureau de Change Business in accordance with Section 149A of the Consumer Credit Act, 1995 (as amended).