Regulation

Regulation

CurrencyFair Limited, Hong Kong Branch, and CurrencyFair Limited are licensed as a Money Service Operator under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615 of the laws of Hong Kong). CurrencyFair Limited is regulated (fully authorised) by the Central Bank in Ireland under the European Communities (Payments Services) Regulations 2009 and as Payment Institution under Regulation 18 of the European Union (Payment Services) Regulations 2018 (the 'Regulations').

You can check the register here and find out more information on what it means for your protection and consumer rights.

Key Features Include:

  • Protection of Client Funds - There is a clear set of regulations on how we have to safeguard customer’s funds. This requires us to segregate customer accounts so that, in an insolvency event, this money would be protected from other creditors’ claims and can be repaid to customers.
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  • Highest Standards for Systems and Procedures - We must maintain systems that minimise the risk of the loss of our customer’s funds through fraud, misuse, negligence or poor administration. In addition we are required to have effective risk management procedures, adequate internal control mechanisms and to maintain relevant records.
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  • Minimum Capital Requirements - We must maintain a minimum level of assets at all times that is set by the Central Bank of Ireland. We must also hold sufficiently liquid assets to be able to meet our working capital requirements.
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  • Management Vetting - Key personnel are individually approved for performing controlled and significant influence functions. We must pass a ‘fit and proper test’ considering honesty, integrity, reputation, competence, capability and financial soundness to make sure that we are of good repute and possess appropriate knowledge and experience.
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  • Detection of Financial Crime - We must comply with legal requirements to deter and detect financial crime, which includes money laundering and terrorist financing.

CurrencyFair Limited, Hong Kong Branch, is licensed as a Money Service Operator under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615 of the laws of Hong Kong).