Financial Crime World

Foreign Exchange Regulations for The Gambia

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The following article outlines the key points of the Foreign Exchange Regulations for The Gambia.

Licensing

To operate a foreign exchange bureau in The Gambia, only authorized persons are permitted to do so. To obtain a license, an application must be submitted to the Bank within 14 days after opening business premises. A license fee is also required before commencing business.

Requirements for Licensing

  • Only authorized persons can operate a foreign exchange bureau.
  • Application for a license must be submitted to the Bank within 14 days after opening business premises.
  • License fees must be paid before commencing business.

Record-keeping and Reporting

Foreign exchange bureaus are required to maintain specific registers for transactions, including purchases and sales of currency notes, travellers’ cheques, and bank drafts. These registers must be kept at all times, and failure to do so will result in fines and potential revocation of license.

Requirements for Record-keeping and Reporting

  • Every bureau shall maintain specific registers for transactions.
  • Registers must be kept at all times.
  • Failure to keep registers will result in fines and potential revocation of license.
  • Daily and monthly returns of business performance must be submitted to the Bank.

Authorized Business

Foreign exchange bureaus are not allowed to engage in banking services such as opening accounts or establishing letter of credit facilities. Accepting deposits with the intent to obtain foreign currency at a future date is also prohibited.

Prohibited Activities

  • Bureaus are not allowed to engage in banking services.
  • Accepting deposits with the intent to obtain foreign currency at a future date is prohibited.

Money Laundering

Foreign exchange bureaus must take measures to prevent and detect money laundering in accordance with the Money Laundering Act 2003. Employees must be trained on recognizing and reporting suspicious transactions.

Requirements for Anti-Money Laundering

  • Bureaus must take measures to prevent and detect money laundering.
  • Employees must be trained on recognizing and reporting suspicious transactions.

Relocation of Business Premises

Prior approval from the Bank is required for relocating business premises. Operating a branch outside or within The Gambia requires prior authorization from the Bank.

Requirements for Relocation

  • Prior approval from the Bank is required for relocating business premises.
  • Operating a branch outside or within The Gambia requires prior authorization from the Bank.

Audited Accounts

External auditors must prepare audited accounts, which must be submitted to the Bank within three months after each financial year. Failure to comply will result in fines and potential revocation of license.

Requirements for Audited Accounts

  • External auditors must prepare audited accounts.
  • Audited accounts must be submitted to the Bank within three months after each financial year.
  • Failure to comply will result in fines and potential revocation of license.

Confidentiality

Transactions must be kept confidential, unless otherwise required by law.

Requirements for Confidentiality

  • Transactions must be kept confidential, unless otherwise required by law.

Investigations

The Bank reserves the right to investigate any bureau suspected of violating regulations or notices issued by the Bank. Authorized persons have the right to inspect premises and examine books, documents, and equipment.

Requirements for Investigations

  • The Bank reserves the right to investigate any bureau suspected of violating regulations.
  • Authorized persons have the right to inspect premises and examine books, documents, and equipment.

Revocation or Suspension of License

The Bank may revoke or suspend a license if the bureau’s conduct is detrimental to the foreign exchange market, ceases to carry on business, or fails to comply with regulations. Ceasing operations for more than three months requires prior notification to the Bank.

Requirements for Revocation or Suspension

  • The Bank may revoke or suspend a license if the bureau’s conduct is detrimental to the foreign exchange market.
  • Ceasing operations for more than three months requires prior notification to the Bank.

Liabilities to Directors and Staff

Directors, secretaries, managers, or staff members may be held liable if an offense is committed by a bureau under their supervision.

Requirements for Liabilities

  • Directors, secretaries, managers, or staff members may be held liable if an offense is committed by a bureau under their supervision.