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SURINAME | Money Transfer Companies/stock exchange

The Central Bank is responsible for the supervision of money exchange and money transfer companies and is also entrusted with the supervision of the stock exchange. The Supervision of Money Transaction Offices Act came into force in October 2012. Currently the Central Bank is making guidelines for the further implementation of this Act. These guidelines inter alia stipulate that a license to conduct the business of a money transfer office can only be issued by the Central Bank after it has determined that the money transfer office will be viable. Two types of money transaction offices, currency exchange offices and money remittance offices are under supervision of the Central Bank. Supervision of the Central Bank includes: on-site inspection and review of periodic and annual statements of account. The Central Bank may also conduct a special investigation under specific circumstances stipulated in the Act.
 
The Act also provides for requirements for directors, supervisory directors and holders of a qualified number of shares of these entities. Furthermore the Central Bank has the authority to issue guidelines for the business operations and the administrative organization of the money transaction companies, including the financial accounting system and the internal auditing procedures. These include regulations regarding the combating of money laundering and financing of terrorism.

The Act Capital Market 2014 provides for Central Bank supervision on a future stock exchange. Suriname has no formal stock exchange but since 1994 two banks, two insurance companies and two private investment entities joined in an statutory association to organize a regular stock market ruled by a Stock Exchange Regulation to be transferred to a stock exchange in accordance with the new law.