Regulatory Alerts2020-02-13
Exchange Control Circular No. 01 - Administration of Exchange Controls
The Central Bank of Barbados issued this circular to outline the administration of exchange controls under the Exchange Control Act, Cap.71, following the delegation of authority from the Minister of Finance. It defines the roles of Authorised Dealers and Authorised Depositaries, mandating strict adherence to regulations, customer due diligence, and accurate documentation for all transactions. The document further specifies operational duties, reporting requirements, and audit retention periods to ensure compliance with Barbados' foreign exchange laws.
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