Money laundering through money remittance ... - Council of Europe
Money laundering through money remittance ... - Council of Europe
Money laundering through money remittance ... - Council of Europe
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<strong>Money</strong> Laundering <strong>through</strong> <strong>Money</strong> Remittance and Currency Exchange Providers - 2010 <br />
Table 3 - Regulatory framework <strong>of</strong> MR service providers in jurisdictions contributing to this study<br />
Country 30 Licensing/registration Licensing institution<br />
Authority responsible for<br />
registration<br />
Limited for the certain<br />
time period/needs<br />
updating?<br />
Albania NA Central bank NA<br />
Argentine NA NA NA<br />
Armenia Yes (licensing) NA No<br />
Austria None since there operate no independent <strong>money</strong> <strong>remittance</strong> service providers<br />
Bulgaria Yes (licensing)31 Bulgarian National Bank NA<br />
Chile 32 Yes (registering) FIU NA<br />
Croatia No NA<br />
Cyprus Yes (licensing) Central Bank NA<br />
Denmark Yes (registering) NA NA<br />
Estonia Yes (registering) Ministry <strong>of</strong> Economic Affairs<br />
and Communications<br />
Finland Yes (registering) State provincial Office <strong>of</strong><br />
Southern Finland<br />
France Yes (licensing) French Banking Commission NA<br />
Georgia Yes (registering) Georgian Financial<br />
Supervisory Authority<br />
Germany Yes (licensing) BaFIN (Federal Financial<br />
Supervisory Authority)<br />
Greece Yes NA NA<br />
Hong Kong, China Yes (registering) FIU NA<br />
Italy Yes (registering) NA NA<br />
Japan None since there operate no independent <strong>money</strong> <strong>remittance</strong> service providers<br />
Latvia No** NA<br />
Liechtenstein NA NA<br />
30 For <strong>Europe</strong>an Union/ EEA members, please see the explanations provided under Section 1.3 regarding<br />
licensing requirements as set out in the EU Directives.<br />
31 During the licensing process, Bulgarian National Bank (BNB) also enters the agents and branches <strong>of</strong> the<br />
<strong>money</strong> remitter to the register. Agents and branches may not commence operations prior to the registration<br />
there<strong>of</strong>. BNB shall not register and, respectively, delete from the register any agents and branches <strong>of</strong> <strong>money</strong><br />
<strong>remittance</strong> companies if the BNB determines that the persons who manage and represent the said agents and<br />
branches do not possess the required qualifications, pr<strong>of</strong>essional experience or reliability. A company licensed<br />
to operate a <strong>money</strong> <strong>remittance</strong> business shall notify the BNB upon the discontinuance <strong>of</strong> the execution <strong>of</strong><br />
<strong>money</strong> <strong>remittance</strong>s by any agent or branch <strong>of</strong> the said company not later than seven days before the date <strong>of</strong><br />
discontinuance <strong>of</strong> the operation.<br />
32 No registration/licensing required at country level.<br />
No<br />
NA<br />
NA<br />
NA<br />
© 2011 MONEYVAL and FATF/OECD - 61
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