Money transfer companies
The Central Bank of Suriname (the “Central Bank”) is responsible for the supervision of money exchange and money transfer companies. The Supervision of Money Transaction Offices Act (Wet Toezicht Geldtransactiekantoren 2012) 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 apart from its supervision in credit institutions, annual statements of account. The Central Bank may also conduct a special investigation under specific circumstances stipulated in the Supervision of Money Transaction Offices Act.
The Supervision of Money Transaction Offices Act also provides for requirements for directors, supervisory directors and holders of a qualified number of shares in 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.