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Bureaux Forced to Comply with Foreign Exchange Rules
The Gambia Financial Institution has issued a set of regulations aimed at strengthening the foreign exchange market and preventing money laundering activities in the country.
Requirements for Bureaux
According to the new rules, bureaux operating in The Gambia are required to:
- Maintain accurate records of their transactions
- Submit daily and monthly returns to the Bank
- Failure to comply will attract a fine of D1,000 and an additional D100 per day for each return not submitted
- Disclose foreign currency stock position at close of business on the last day of each month within the first week of the following month
- Failure to comply will result in a fine of D1,000 and D100 per day
Anti-Money Laundering Measures
The regulations also place a significant emphasis on anti-money laundering measures. Bureaux are required to:
- Take necessary measures to effectively counteract money laundering
- Train employees to recognize operations that may relate to money laundering
Investigations and Penalties
The Bank has given itself the power to investigate any bureau suspected of violating these regulations or engaging in unauthorized activities. Any person authorized by the Bank may:
- Enter and inspect the premises of a licensed bureau at any time
- Examine books and documents
- Take photocopies or samples as necessary
In case of non-compliance, the regulations impose significant penalties on bureaux, including fines ranging from D1,000 to D100 per day for each return not submitted or register not maintained. Persistent default can lead to the revocation of a licence and closure of business.
Goal of the Regulations
The Bank’s aim in introducing these regulations is to strengthen the foreign exchange market and prevent money laundering activities in The Gambia. The new rules are designed to ensure that bureaux operate transparently and in compliance with all relevant laws and regulations.
Contact Us
For more information on these regulations, please contact the Bank at [insert contact details].