Regulatory Alerts2023-07-03
National Bank of Rwanda Directive on Requirements for Money Remittance Service Providers Connecting to a Cross-Border Hub
The National Bank of Rwanda has established a directive requiring money remittance service providers to obtain prior authorization before connecting to a cross-border remittance hub. Applicants must submit comprehensive documentation detailing service descriptions, connectivity methods, hub financial stability, settlement arrangements, foreign exchange rates, contracts, licensing status, consumer protection mechanisms, and anti-money laundering measures. The Central Bank evaluates these submissions against the stipulated criteria and grants authorization upon satisfaction, thereby ensuring proper risk mitigation for connecting providers.
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