Exchange Control Circular No. 10/2017

Circular Reference: Exchange Control Circular No. 10/2017

Circular Date: 25 August 2017

Circular Status: Withdrawn (see Exchange Control Circular No. 1/2018)

Authorised Dealer in foreign exchange with limited authority

The attention of Authorised Dealers and Authorised Dealers in foreign exchange with limited authority are drawn to Government Notice No. R885 published in Government Gazette No. 41064 of 2017-08-25 in terms of which Terra Payment Services South Africa (RF) (Pty) Limited was appointed as an Authorised Dealer in foreign exchange with limited authority to operate as an Independent Money Transfer Operator in South Africa.

The appointment permits Terra Payment Services South Africa (RF) (Pty) Limited to enter into transactions in respect of money remittance services, i.e., cross-border person-to-person payments of a relatively low value.

The name of Terra Payment Services South Africa (RF) (Pty) Limited will be added to sections A.2(A) and A.2(B) of the Currency and Exchanges Manual for Authorised Dealers in foreign exchange with limited authority and Currency and Exchanges Manual for Authorised Dealers (Manuals) respectively, as well as the guideline documents for business entities and individuals (guideline documents) as a Category Three Authorised Dealer in foreign exchange with limited authority to operate as an Independent Money Transfer Operator in South Africa.

The relevant Government Notice is attached hereto and the amended Manuals and guideline documents may be accessed on the SARB website: www.reservebank.co.za by following the links: Home > Regulation and supervision > Financial surveillance and exchange controls > Currency and exchanges documents.

Head of Department: Financial Surveillance

Terra Payment Services South Africa (RF) (Pty) Limited
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