Regulation

Regulation


CurrencyFair Limited is regulated (fully authorised) by the Central Bank of Ireland under the European Communities (Payments Services) Regulations 2009. This regulation governs foreign exchange and money remittance.

You can check the register here (http://registers.centralbank.ie/DownloadsPage.aspx) and find out more information on what it means for your protection and consumer rights.

Key features of our regulation 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.
  • 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.
  • 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.
  • 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.
  • Detection of Financial Crime – We must comply with legal requirements to deter and detect financial crime, which includes money laundering and terrorist financing.

CurrencyFair Australia Pty Ltd, a subsidiary of CurrencyFair Limited, is regulated in Australia by the Australian Securities and Investments Commission. Our Australian business number is 94 147 506 410 and the Australian Financial Services Licence number is 402709.