Regulatory Alerts2023-04-25
Regulation No 64/2023 on Money Remittance Services
The National Bank of Rwanda issued Regulation No 64/2023 to establish comprehensive operational and licensing requirements for money remittance service providers. The regulation mandates strict compliance with anti-money laundering and counter-terrorist financing measures while defining authorized activities, prohibiting core banking functions like lending and deposit-taking, and establishing clear rules for fund transfers, customer due diligence, and transaction thresholds. It further enforces market transparency through mandatory prepayment disclosures, standardized dispute resolution procedures, and required annual reporting to the Central Bank.
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