Regulatory Alerts2013-12-26
Added · Updated
FEPD Circular Letter No. 36 : Foreign currency accounts Licensed Money Changers
Licensed Money Changers are permitted to deposit cash foreign exchange exceeding USD 25,000 into Foreign Currency accounts with their designated Authorized Dealer banks, as stipulated in paragraph 7, chapter 2 of the Guidelines for Foreign Exchange Transactions-2009. Authorized Dealers are instructed to cooperate with Licensed Money Changers in operating these accounts in compliance with the relevant guidelines to resolve operational difficulties. The circular mandates that Authorized Dealers facilitate these transactions to ensure the smooth conduct of business activities for the Money Changers.
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