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South African Reserve Bank
 
 
     
 
 

Business of an Authorised Dealer in foreign exchange with limited authority (ADLA) 

  • What is an ADLA?

    ADLAs, including Bureaux de Change, are authorised by the Financial Surveillance Department of the South African Reserve Bank to deal in certain designated foreign exchange transactions, including travel related transactions. A list of Authorised Dealers in foreign exchange with limited authority is available on the South African Reserve Bank website www.resbank.co.za by following the links: Regulation and supervision > Financial surveillance and exchange controls > Currency and Exchanges documents. Click on the hyperlink 'Currency and Exchanges Manual for Authorised Dealers in foreign exchange with limited authority' and go to section A.2(A) in the document for a list of Authorised Dealers in foreign exchange with limited authority (ADLAs).
  • I would like to operate an ADLA, including a Bureau de Change. Where can I find information in this regard?

    (i) The Guidelines for the submission of an application for authorisation to conduct the business of an ADLA, can be found in the Currency and Exchanges Manual for Authorised Dealers in foreign exchange with limited authority which is available on the South African Reserve Bank’s official website, www.resbank.co.za. Follow the links: Regulation and supervision > Financial surveillance and exchange controls > Currency and Exchanges documents > Currency and Exchanges Manual for Authorised Dealers in foreign exchange with limited authority.
  • What type of business would an independent money operator be allowed to do.

    An ADLA will be classified into the following four categories:
    (i) Category One
    An ADLA who will be authorised to operate as a Bureau de Change.
    (ii) Category Two
    An ADLA who will be authorised to operate as a Bureau de Change, provide specific trasactions under the single discretionary allowance limit of R1 million per applicant within the calendar year and offer money remittance services in partnership with external money transfer operators.
    (iii) Category Three
    An ADLA who will be allowed to operate as an Independent Money Transfer Operator and/or value transfer service provider.
    (iv) Category Four
    An ADLA who is authorised to:
    (a) operate as a Bureau de Change;
    (b) provide specific transactions under the single discretionary allowance limit of R1 million per applicant within the calendar year;
    (c) offer money remittance services in partnership with external money transfer operators;
    (d) operate as and independent money transfer operator; and/or
    (e) operate as a value transfer service provider.
     
     
  • What is the minimum unimpaired capital requirement when opening an Authorised Dealer in foreign exchange with limited authority (ADLA) including a Bureaux de Change?

    Category One: R2 million
    Category Two: R3 million
    Category Three: R5 million
    Category Four: R8 million
  • Can I use the minimum unimpaired capital requirement for business purposes?

    No. The minimum unimpaired capital requirement can not be incorporated into the business of the Authorised Dealer in foreign exchange with limited authority (ADLA) to be used as capital/working capital. The interest earned thereon can be used for the business, but not the minimum unimpaired capital requirement which must remain unencumbered and may not be ceded, pledged or used as collateral by the ADLA or any of its stakeholders.
 
 
 
     
 
 
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