To be authorised to pursue this activity, you must satisfy the following obligations:
- be recorded in the trade and companies register;
- have paid-up capital or a guarantee from a credit institution, a finance company or an insurance company in an amount equal to at least EUR 38,000;
- senior managers and beneficial owners meet the requisite fitness and propriety requirements.
Beneficial owners are:
- natural persons holding, directly or indirectly, at least 25% of the capital or voting rights of the undertaking;
- natural persons exercising, through any other means, control over the management, administrative or decision-making bodies of the undertaking or over the general meeting of partners.
To be exempt from the need to apply for authorisation, you must be in one of the following two situations:
- your main activity is not money changing, you are subject to the anti-laundering framework and the sum of the foreign currency purchase and sale transactions that you conduct over a given financial year does not exceed the equivalent of EUR 100,000;
- your main activity is not money changing, you are not subject to the anti-laundering framework and you meet all of the following conditions:
- the money changing activity is conducted solely for the benefit of clients of your main business activity and is directly connected to that activity;
- the sum of the foreign currency purchase and sale transactions that you conduct over a given financial year does not exceed the equivalent of EUR 50,000 and does not exceed 5% of the revenues generated by all activities;
- the absolute value of each money changing transaction does not exceed EUR 1,000, whether conducted in one single transaction or through several apparently related transactions.
If you are in one of these cases, you must send the ACPR General Secretariat, within three months of the end of your financial year, an annual statement on your honour in which you state that you do not carry on the business of money changing within the meaning of II of Article L. 524-1 and that you comply with the conditions set out in Article D. 524-1 of the Monetary and Financial Code.
Model statements were established by Instruction 2010-03 of the Commission Bancaire amended by ACPR Instruction 2011-I-03 and are available at the following addresses:
- For persons mentioned in Article D. 524-1 who state that they do not carry on the business of money changing (persons mentioned in Article L. 561-2 of the Monetary and Financial Code other than those mentioned in 1° and 7° of this article): model statement.
- For persons mentioned in Article D. 524-1 who state that they do not carry on the business of money changing (persons other than those mentioned in Article L. 561-2 of the Monetary and Financial Code): model statement