Regulatory Alerts2010-10-01
Guide for the Issuance of a Manual Foreign Exchange License
The Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO) National Directorate for Senegal issues this guide to outline the licensing requirements for manual foreign exchange offices under UEMOA Regulation No. 09/2010/CM/UEMOA. Applicants, whether natural or legal persons with merchant status, must submit a complete application file to the National Directorate demonstrating minimum financial resources of 500,000 CFA francs or a fully paid-up share capital of 1,000,000 CFA francs. The Minister for Finance grants the license by decree following a conforming opinion from the BCEAO, specifying operational requirements and authorized branch office locations.
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