Regulatory Alerts2023-09-01
Added · Updated
Administrative Instruction No. 007 Regulating Manual Exchange Activity (Modification No. 3)
The Central Bank of Congo establishes the regulatory framework for manual exchange operators, defining three categories: national offices, provincial offices, and individual manual exchangers. The regulation mandates prior approval, specific capital and security requirements, and strict operational limits, including a daily transaction cap of USD 10,000 per person. It imposes comprehensive obligations regarding client identification, record-keeping for ten years, anti-money laundering reporting to CENAREF, and mandatory professional association membership.