Regulatory Alerts2014-06-06
Guidelines for Authorised Dealers in Foreign Exchange with Limited Authority (ADLA)
The Exchange Control Division of the Central Bank of Swaziland has issued guidelines establishing the application procedure and operational framework for entities seeking authorization to operate as Authorised Dealers in Foreign Exchange with Limited Authority (ADLA). Applicants must submit comprehensive documentation, including proof of Emalangeni 500,000 in unimpaired capital and a business plan mandating at least 65% Swazi citizen equity, before the Central Bank Board grants approval. Once authorized, ADLAs must comply with strict daily reporting obligations, maintain a maximum USD 50,000 foreign exchange float per branch, and adhere to money laundering compliance standards while conducting spot currency transactions for the public.
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