Regulatory Alerts2012-11-21
Financial Institutions (Bureau de Change) Regulations 2008
The Central Bank of Seychelles issued these regulations to establish a dual-class licensing framework for Bureau de Change operators under the Financial Institutions Act 2004. Class A licences permit unrestricted foreign currency transactions and require a minimum R500,000 paid-up capital with half invested in liquid assets, while Class B licences are restricted to notes, coins, and travellers' cheques with a R50,000 capital threshold. The rules mandate conspicuous display of exchange rates and licence documents, impose annual fees of R10,000 for Class A and R5,000 for Class B operators, and formally repeal the 1997 regulations.
Share