Regulation No. 001-2018 BCC/DSBR on Minimum Share Capital for Manual Money Changers

CENTRAL BANK OF THE COMOROS
Moroni, January 4, 2018

To the General Managers of
Financial Institutions
Union of the Comoros

Ref: No. 01-18IDSBR
Subject: Regulation No. 001-2018 BCC/DSBR

Dear General Managers,

Please find attached Regulation No. 001-2018 BCC/DSBR setting the rules regarding the constitution of the minimum share capital for manual money changers.

We ask you to accept, Dear General Managers, our distinguished salutations.

Distribution:
BIC, BDC, BFC, EXIM BANK, SNPSF, Union des Meks, Mek Moroni, MCTV, CASI, Sanduk Ngazida, Sanduk Moheli.

![Regulation No. 001-2018 BCC/DSBR

Place de France. BP 405 MORONI
TEL: (269) 773 18 14 - (269) 773 10 02 - FAX: (269) 773 03 45 E-mail: secretariat@banque-comores.km Site: www.banque-comores.km

REGULATION NO. 001-2018 BCC/DSBR
RELATING TO THE MINIMUM SHARE CAPITAL
OF MANUAL MONEY CHANGERS IN APPLICATION OF LAW 13-003/AU.

Having regard to Law No. 80-09 of June 26, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of banks and financial establishments, credit, and foreign exchange;

Having regard to Law No. 13-003/AU of June 12, 2013, regulating the activities of Financial Institutions, specifically its Articles 12, 47, 48, and 103;

Having regard to Law No. 12-008/AU of June 28, 2012, combating money laundering and the financing of terrorism;

Having regard to Law No. 12-011/AU of June 28, 2012, regulating and organizing credit leasing;

Having regard to Regulation No. 001-2015/BCC/DSBR relating to the minimum share capital of Financial Institutions, specifically its Article 1;

Considering the resolution of the Board of Directors of the BCC in its October 2017 session;

THE GOVERNOR OF THE CENTRAL BANK OF THE COMOROS

Sets the rules relating to the constitution of the minimum share capital of manual money changers defined by Law 13-003/AU.

Article 1:
The capital contribution of manual money changers as stated in Article 47 of Law 13-003/AU is defined as follows:

• A cash contribution of ten million Comorian Francs (10,000,000 KMF),
  fully paid up on the date of approval and deposited in an account opened at a credit establishment authorized in the Union of the Comoros. OR,
• A guarantee of the same value (10,000,000 KMF) granted by a credit establishment authorized in the Union of the Comores;
• And a contribution in kind valued at fifteen million Comorian Francs (15,000,000 KMF) for its tangible, intangible, and other fixed assets, the evaluation of which shall be carried out by a specialized firm or expert.

Place de France. BP 405 MORONI
TEL: (269) 773 18 14 - (269) 773 10 02 - FAX: (269) 773 03 49 E-mail: secretariat@banque-comores.km Site: www.banque-comores.km

Article 2:
This Regulation modifies the terms of Article 1 of Regulation No. 001/2015/BCC/DSBR regarding manual money changers.

It enters into force as of the date of its signature.

January 4, 2018

SSA Imani

Place de France. BP 405 MORONI
TEL: (269) 773 18 14 - (269) 773 10 02 - FAX: (269) 773 03 49 E-mail: secretariat@banque-comores.km Site: www.banque-comores.km