Regulatory Alerts2009-01-01
Circular Letter No. 005/2009/COB/Union des Mecks on Money Transfer Operations
The Central Bank of the Comores issued Circular Letter No. 005/2009 to authorize the Union des Mecks to conduct international money transfer operations in partnership with MoneyGram. The regulation caps individual transactions at 1,000,000 Comorian Francs, requiring prior Central Bank approval for any amounts exceeding this limit. Additionally, the Union des Mecks is mandated to maintain full justification of these operations and provide corresponding statistical data to the Central Bank in compliance with foreign exchange regulations.
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