Regulatory Alerts2013-05-16
Added · Updated
Definition of Currency Exchange Transactions Under Wft 1:1
An undertaking qualifies as an exchange institution only if its activities constitute currency exchange transactions as defined in Section 1:1 of the Financial Supervision Act (Wft). These transactions include exchanging coins or banknotes between different currencies or denominations, and disbursing cash upon presentation of credit cards or specific payment documents such as cheques or traveller's cheques. Exchange institutions are distinct from payment service providers and are prohibited from performing payment services like money remittance, even though authorized payment institutions may effect exchange transactions under specific circumstances.
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