Serious breaches will result in Foreign Exchange Dealers losing license
February 8, 2019 1:02 pm
Foreign Exchange Dealers will lose their license if serious breaches are recorded by the Reserve Bank of Fiji.
Governor Ariff Ali says in the last year there weren’t any major breaches, however, some dealers failed to comply with certain laws.
Ali says that one of the issues include the limitation of carrying a certain amount of foreign currency abroad.
“When you travel abroad you can only take ten thousand dollars, anything more than ten thousand dollars you need to declare with the RBF. Perhaps you’ve tried to a change eleven thousand dollars with a Foreign Exchange Dealers and they provide you with foreign currency – they breach our guideline.”
Ali says if there are one of cases – then the Central Bank will issue a warning.
He adds, however, if there are serious breaches and based on the severity of the offense, then the license will be canceled or not renewed.
Other issues noted by the RBF involving Foreign Exchange Dealers include the lack of documentation and failure to submit correct information.
“For example when you are travelling abroad you have to present your passport and ticket to the Foreign Exchange Dealers, following which they are supposed to keep a copy for documentation – that’s not being done.”
Ali says the RBF will not tolerate non-compliance by Foreign Exchange Dealers and will take action where necessary.