Regulatory Alerts2023-09-05
Administrative Instruction No. 007 Regulating Manual Foreign Exchange Activities (Modification No. 3)
The Central Bank of the Congo issued Administrative Instruction No. 007 (Modification No. 3) to regulate manual foreign exchange activities by establishing three dealer categories, defining capital and guarantee requirements, and mandating prior approval for office establishment. The instruction outlines strict eligibility criteria including criminal background checks, financial capacity, and mandatory anti-money laundering systems, while requiring robust daily record-keeping, timely reporting to the National Financial Intelligence Unit (CENAREF), and transparent display of exchange rates. It further details authorization procedures for branch expansions, provincial relocations, and approval withdrawal conditions to ensure sector stability and regulatory compliance.