Amendments Processing for Bureaux de Change

There are ongoing supervisory requirements that Bureaux de Change businesses must comply with.  These are contained in the Authorisation Requirements and Standards that are imposed on a firm at the time of its initial authorisation. 

This section highlights some of these requirements and how they are dealt with.  The following list is not exhaustive and is intended to serve as a guide.  If any Bureau de Change business is unclear about its obligations, it should contact [email protected].  Contact details are available in the Contact Us section. 

Change of Director/Manager

Any change of director/manager should be notified to the Central Bank. 
This includes both proposed appointments and resignations.  All proposed appointees are subject to the ‘Fitness & Probity’ regime as outlined in the Supervision Process section.

Change in Qualifying Holding

Changes to qualifying holdings in Bureaux de Change businesses are subject to the approval of the Central Bank.  Details of the exact requirements are set out in “Authorisation Requirements and Standards” imposed at the time of authorisation.  Firms are obliged to advise the Central Bank on an annual basis of their ownership structure.

Change of Address

Any change of address by a firm must be notified in advance.  This will allow us to update our records and systems on a timely basis.

Pricing

Section 149A of the Consumer Credit Act, 1995 (as amended) provides that prior approval of the Central Bank is required for any amendments to the charging structure of a Bureau de Change Business.

Other changes

If there is uncertainty regarding whether a change constitutes a material change for supervisory purposes, you should contact [email protected] directly.  Contact details are available in the Contact Us section.