BoA enacts easier requirements for setting up foreign exchange offices

TIRANA, June.11- Following the government’s decision to forbid on-street foreign exchange trade, BoA has decided to make it easier for interested parties to set up forex agencies. The new rules for setting up and licensing of a new foreign exchange office has lowered requirements for initial capital, from 25 to 15 million leks. Boa has also decided to lower the commission paid to it for the license from 2,500 lek, to 1,500 lek. The lowering of the initial capital requirements has also been accompanied by wider product offers agencies of foreign exchange trade may provide customers, such as the fulfillment of the non-bank service agent for which capital reserves remains at 25 million. It is in the legal framework of BoA to evaluate and approve the application for new foreign exchange agencies and arrive at a decision within 30 days of the application date. The rules also include provisions in the new fight against money laundering, requiring complete and accurate information on clients’ backgrounds and transactions records.