Regulatory Alerts2014-01-01
Financial Institutions (Foreign Exchange Bureau) Regulations 2014
Issued by the Commissioner of Financial Institutions under the Financial Institutions Act, 2012, these regulations establish a comprehensive licensing and regulatory framework for foreign exchange bureaus in Lesotho. The rules mandate a Type IV license, fit-and-proper assessments for key personnel, specific premises standards, mandatory electronic receipts, and travel currency purchase limits capped at US$10,000. Furthermore, the Commissioner is granted broad supervisory powers to conduct inspections, issue corrective directives, enforce anti-money laundering procedures, and impose penalties up to M250,000 for regulatory breaches.
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