Regulatory Alerts2015-01-01
Added · Updated
Licensing Requirements to Conduct Foreign Exchange Business in Samoa
The Central Bank of Samoa establishes updated licensing criteria for Money Transfer Operators and Money Changers, setting minimum capital requirements at $100,000 STA for operators and $30,000 STA for money changers. The document mandates specific application materials, including business plans, AML/CFT policies, and shareholder profiles, while defining annual licence fees ranging from $700 to $1,500 STA depending on the entity type and branch status. Licences expire annually on December 31st with a renewal deadline of January 31st, subjecting late payments to a penalty fee of $50 tala per day. Existing licensees falling short of the new capital thresholds are granted a transitional period of 12 months to comply.