Revised Terms and Conditions for the Operation of a Bureau de Change

CENTRAL BANK OF
TRINIDAD & TOBAGO
Alvin Hilaire
Governor
December 20, 2019
Circular Letter To:
Bureaux de Change Licensed under the Exchange Control Act, Chap 79:50 REF: CB-G-173/2019 REVISED TERMS AND CONDITIONS FOR THE OPERATION OF A BUREAU DE CHANGE The Central Bank of Trinidad and Tobago ("Central Bank'V'Bank") has revised the Terms and Conditions for the Operation of a Bureau de Change ("Terms and Conditions") dated August 2015. The revised Terms and Conditions come into effect on December 20, 2019 and can be accessed on the Central Bank's website at h s://www.central￾bank.or .tt/core-functions/su ervisioa/bureaux-de-chan e. In general, the amendments to the Terms and Conditions seek to inter alia introduce provisions for remittance companies conductmg fa^nsfers involvmg foreign exchange conversions; lengthen the validity period of licences; and pemiit the use of agents. hi this regard, the substantive changes are as follows:

1. Specific Requirements for Remittance Companies
   A Bureau that conducts mcidental foreign exchange conversions for remittance transfers:
   i. must maiatam in aggregate, a daily positive or zero net foreign exchange
   position;
   ii. must maintain separate books, registers and records for the remittance
   operations as well as monthly ta-ansaction reports;
   iii. will not have to publicly display buying/selling rates but must disclose
   the foreign exchange rates, fees and charges applicable to the remittance transaction to the customer and obtain his consent to proceed with the to^nsaction; and iv will not be required to have separate signage or business counters for Bureau operations. Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 625-4835; 5028 * Fax:(868) 623-9585

CENTRAL BANK OF
TRINIDAD & TOBAGO
2. Types of Bureau Licences
In light of the change at 1 above, a person may be granted a Bureau de Change licence to conduct the following activities -
i. the buying and selling of foreign currency; and /or
ii. foreign exchange conversions which are incidental to its primary
remittance business.
3. Validity of Licences
A license will be valid for a period of three (3) years and not one (1) year as currently obtains under the current Terms and Conditions.
4. Use of Agents
A Bureau may utilize agents to conduct its activities, however the approval of the Central Bank will be required to do so and additional infonnation, relevant to the agency arrangement, will be required. The Bureau will also be required to ensure that its Agents comply with these Terms and Conditions. The Central Bank takes the opportunity to thank you for your valuable contributions during the consultation period. Our responses to your comments have been posted to the Bank's website at htt s://www. central-baiik.orCT.tt/core-functions/su ervision/bureaux-de￾change, We look fonvard to your continued cooperation. Yours sincerely Alvin Hilaire