Consultation on the Revision of the Terms and Conditions for Bureau De Change Operations

March 24, 2022
Circular Letter to:
Bureaux de Change Licensed under the Exchange Control Act, Chap 79:50

REF: CB-OIFI-562/2022
POLICY PROPOSALS FOR REVISIONS TO THE TERMS AND CONDITIONS FOR THE OPERATION OF A BUREAU DE CHANGE (“TERMS AND CONDITIONS”) The Central Bank of Trinidad and Tobago (“Central Bank”/ “Bank”) has developed a Policy Proposal Document (“PPD”) for amendments to the Terms and Conditions for your review and comment. The PPD outlines proposed changes to the licensing framework for persons authorized under Section 5 of the Exchange Control Act, Chap. 79:50 to buy and sell foreign currency only, referred to as Bureau de Change. The proposed revisions seek to:

1. rationalize and improve the current licensing process, in accordance with the Bank’s
   2021/22- 2025/26 Strategic Plan Objective to streamline the licensing of Bureau de Change and remittance service providers; and
2. provide greater clarity regarding regulatory expectations in respect of certain
   provisions in the Terms and Conditions.
   The proposed amendments take into consideration the following:
    lessons learnt from the ongoing monitoring of the sector since the 2019 revisions to the Terms and Conditions;  developments in the sector due to the COVID-19 pandemic; and  current trends and international best practices. An electronic copy of the PPD, together with a matrix of the proposed revisions and the draft revised Terms and Conditions are appended and have also been posted to the Bank’s website at https://www.central-bank.org.tt/core-functions/supervision/bureaux-de-change, under ‘Draft and Consultation Papers’. Comment and queries should be submitted electronically using the attached template by April 15, 2022 to amlq@central-bank.org.tt. The Central Bank looks forward to your continued support and timely feedback. Yours sincerely Patrick Solomon INSPECTOR OF FINANCIAL INSTITUTIONS Cen t r al Ban k o f Tri n i d ad an d To bag o Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 621-CBTT (2288), 235-CBTT (2288); Fax: (868) 612-6396 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt