The purpose of this page is to make sure the application process is fully understood.
This section sets out:
- What a Bureau de Change is and what this regulated activity would allow you to do
- Authorisation Process
- Capital Requirements
- Additional Information
What is a Bureau de Change and what would this regulated activity allow you to do?
A Bureau de Change is an establishment at which customers, primarily, exchange foreign money. This regulated activity will allow you to offer the service of exchanging currency as a Bureau de Change. This permission, to carry out regulated activity, would be granted under Part 7 of the Financial Services Act.
An application pack is required to be submitted together with all the relevant documents. An application will not be considered complete if there are any outstanding documents.
The application pack must consist of:
- Application Fee;
- Application Form;
- Financial Projections for the next 3 years;
- Stress Test on Financial Projections;
- Profit and Loss account;
- Balance Sheet;
- Regulated Individual Form (for each Regulated Individual);
- Controller Form (for each Controller);
- Business Plan;
- Risk methodology and/or threat assessment matrix;
- Mapping assessment of how the application meets the relevant legislative threshold requirements (i.e. statutory/regulatory criteria for licensing under relevant Act); and
- Any other document the applicant considers the GFSC should take into consideration as part of the application.
Please request cloud access from the Authorisation team in order to submit the application pack. Requests should be sent via E-mail to email@example.com with the following information in the subject field: ‘Name of Regulated Firm/Applicant – Application’. Paper copies are not required unless indicated by the Authorisation team.
Please note that we accept signed signature copies sent via e-mail and electronic signatures, which must originate from the Regulated Firm’s/Applicant’s domain.
At present, there are no capital requirements for bureaux, however we expect firms to hold at least three months worth of expenses to ensure the orderly wind down of the firm in the event of closure.
The business plan should clearly and comprehensively set out:
- How the firm will ensure that it adheres to all anti-money laundering requirements
- How the firm assesses risk, mainly associated to the risk of money laundering
- Internal controls to mitigate risks identified, mainly associated to the risk of money laundering.
The GFSC will be seeking evidence that the firm has considered the risk, compliance and operational issues associated with the proposed activities, as well as evidence that these have been documented and implemented.
Applicants should ensure that the business plan is coherent with the firm’s risk appetite and capacity.
The regulation and supervision of bureaux is primarily aimed at countering the risks of money laundering associated with such an industry and ultimately the enhancement and protection of Gibraltar’s reputation as a leading finance centre. Therefore, applicants should ensure that they consider anti-money laundering requirements, specifically within the GFSC's AML/CFT Guidance Notes, and ensure that the firm can clearly articulate:
- how it complies with the requirements; and
- the internal controls implemented to mitigate such risk.
In determining an application, the GFSC must be satisfied that the applicant is able to execute the proposed activity diligently and has sufficient resources to adhere to all relevant obligations. Applicants must also be able to demonstrate that the business can be managed in a sound manner with adequate internal controls that can be met on a continuing basis.