Regulatory Alerts2018-04-11
Bureaux de Change Businesses Directive 2014
The Central Bank of Cyprus issued this Directive to regulate the provision of services involving the immediate buying or selling of foreign currency to the public in the Republic of Cyprus. It mandates that all Bureaux de Change Businesses must obtain prior authorization from the Central Bank, requiring applicants to be incorporated in Cyprus, maintain a minimum initial capital of 20,000 euro, and demonstrate robust governance, risk management, and internal control frameworks. The Directive also sets operational requirements, including maintaining separate bank accounts, issuing transaction receipts, and imposing a daily transaction limit of 7,500 euro per person, while also establishing a public register of authorized businesses.
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