Regulatory Alerts2003-08-04
Opinion on the Compatibility Between Financial Agency Activities and Currency Exchange Activities
The UIC clarifies that the 2001 Provision's reference to financial agency activities for currency exchangers is strictly limited to money transfer services. This interpretation prevents the generic wording from being misconstrued as authorizing currency exchangers to perform the full range of financial activities reserved for financial agents. Consequently, the connected activity is defined exclusively as the payment service involving the collection and delivery of funds for transfer.
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