Application Process for Bureau de Change Businesses

The Central Bank of Ireland (Central Bank) is the competent authority in Ireland for the authorisation and supervision of bureaux de changes businesses under Part V of the Central Bank Act 1997 (as amended) (the Act).

Each applicant seeking authorisation must satisfy the Central Bank that it can meet the Authorisation Requirements and Standards for Bureaux de Change Businesses (AR&S). In fulfilling its statutory role in this regard, the Central Bank adopts a robust, structured and risk-based process that seeks to ensure that only those applicants that demonstrate compliance with the AR&S are authorised.

The Central Bank seeks to process each application as expeditiously as possible while meeting its obligation to operate a rigorous and effective gatekeeper function. It aims to ensure that the application process is facilitative and accessible from the perspective of applicants and, importantly, that applicants have clarity with regard to the process, its requirements and timelines.

Before Applying for Authorisation

In advance of submitting an application for authorisation, the firm should satisfy itself that:

its proposed business model requires authorisation pursuant to the Act;
it can comply with the Authorisation Requirements and Standards for Bureaux de Change Businesses
it is capable of complying with, and adhering to the AR&S and on-going supervisory requirements that must be satisfied on an on-going basis; and
it has read the Guidance Note for the Completion of an Application for Authorisation as a Bureau de Change Business.

Firms are advised to seek legal advice if they are unsure as to whether their proposed activities require authorisation pursuant to the Act or if they are unsure as to how they should comply with the AR&S. If, after having received and considered such advice, firms have any doubt about their status, they are advised to submit an application for authorisation.

Summary of the Key Stages in the Application Process

The applicant submits a completed Application Form with supporting documentation;
The Central Bank acknowledges receipt of the application submission;
The Central Bank assesses whether the application submission contains the key information and documentation required;
Where all key information and documentation has been provided, the applicant will be provided with log-on details for the via the Central Bank of Ireland Portal (Portal) to facilitate the submission of Individual Questionnaires (IQs) via the Portal and will be requested to submit a Garda Vetting Form (it should be noted that a Garda Vetting Form is required where the applicant is a Sole Trader or a company with a single director);
The Central Bank completes an assessment of the application submission and may issue detailed comments and/or seek additional information;
The applicant is provided with the opportunity to address the comments and requests issued by the Central Bank in a revised application submission(s);
The Central Bank will assess these subsequent application submission(s) and notify the firm of its assessment and intended decision. The applicant is provided with a further opportunity to address any concerns arising at this stage in the process (if any); and
The Central Bank will notify the applicant of its decision in respect of the application submission.

In the sections set out below, the firm will be able to learn about the different stages of the application process in more detail.

The Documentation Required to Make an Application for Authorisation

Applicants should submit the following documentation which should be fully completed:

An Application for Authorisation as a Bureau de Change Business Form (including the specific information/documentation requirements set out therein);
A Business Plan;
A Programme of Operations;
Individual Questionnaires (when requested to do, see IQ User Manual); and
Garda Vetting Documentation (where relevant).

The eVetting Steps
Step 1: In conjunction with the IQ submission, the Applicant will be invited to complete the "Garda Vetting Invitation Form" as required by the NVB. A copy of the form will be issued by the Central Bank to Applicants via secure message on the Portal following the IQ submission. Applicants must complete in writing, sign and submit with relevant proof of identity (guidance on information required is included with the form) to the Central Bank. Fully completed forms and accompanying documentation are to be submitted via secure message on the Portal only as scanned versions or pictures. All messages should include the unique IQ reference number and the title “Garda Vetting documentation”.
Step 2: Following receipt of completed vetting information form and proof of identity, the Central Bank will validate and send the Applicant an email with a link inviting them to complete a "Vetting Application Form" on the Garda eVetting portal. This must be completed as soon as possible.
Step 3: The Applicant must complete and submit the Vetting Application Form online.
Step 4: The National Vetting Bureau will process the application and respond in due course with a "vetting disclosure" to the Central Bank. The Applicant will also receive an email at the same time confirming their application has been processed by the Gardaí.
Step 5: The Central Bank will review the vetting disclosure response and progress with the assessment of the IQ application

Once an application is submitted and the applicant has been provided with log-on details for the Central Bank's Portal (Portal), the applicant will need to ensure that all relevant individuals proposed to hold a Pre-Approval Controlled Function ("PCF") role (typically board members, senior management, key function holders) and any qualifying shareholders complete Fitness and Probity Individual Questionnaires – view more information and guidance material.

Individual Questionnaires (IQs) must be submitted electronically via the Portal by all relevant individuals,. Please note that access to the online IQ only becomes available after an application has been deemed to contain all the key information and documentation required. The applicant will also need to ensure that it submits a Garda Vetting Invitation Form.

IMPORTANT:

Where incomplete Application Forms, IQs or Garda Vetting Invitation Forms are submitted they will be returned to the applicant.
Where IQs and the Garda Vetting Invitation Form are not submitted within 20 working days of being requested to submit this documentation, the application will be returned to the applicant.
An application will only progress to the assessment phase of the authorisation process where all key information and documentation required in the Application Form, in each relevant IQ and in the Garda Vetting Invitation Form has been provided.
It is therefore important that the applicant has read the guidance material provided to assist applicants in completing this documentation, and has taken the information provided therein into consideration when completing the Application Form, the IQs and the Garda Vetting Invitation Form.

The completed Application Form, along with all relevant accompanying material, should be submitted in electronic format to the Central Bank via our secure file transfer system. Please request access via email to [email protected].

The Key Stages in the Application Process

Stage 1 – Acknowledgement

The Central Bank will acknowledge receipt of an Application for Authorisation submitted by the applicant within 3 working days of receipt.

Stage 2 - Key Information Check

The Central Bank will then check that the application material submitted contains all the key information and documentation required to proceed to the submission of IQs and the Garda Vetting Form. Within 10 working days of receipt of the application, the Central Bank will either:

I. Advise the applicant that the application contains sufficient material to proceed to the submission of IQs and the Garda Vetting Form; or

II. Advise the applicant that the application does not contain sufficient material to proceed to the submission of IQs and the Garda Vetting Form and so is not being progressed to that phase. A statement of the omitted information is also provided to assist the applicant should it wish to submit another application in the future. Any subsequent application will be considered a new application and the application process commences again.

Stage 3 – Submission of IQs and Garda Vetting Form

Where sufficient information has been received, as outlined in Stage 2(I) above, the application will proceed to the submission of IQs and the Garda Vetting Form. Log-on details to the Portal will be issued to the applicant and the applicant will be required to complete and submit all required IQs and the Garda Vetting Form. Applicants are advised that the application will progress to the assessment phase once all required IQs and the Garda Vetting Form have been submitted and are deemed to contain all the key information and documentation required. The applicant will then have 20 days to submit all IQs and the Garda Vetting Form. If all required IQs and the Garda Vetting Form are not submitted within 20 days the application will be deemed dormant and withdrawn and will be returned to the applicant. Any subsequent application will be considered a new application and the application process commences at Stage 1.

Stage 4 - Assessment Phase

Where an application submission, all relevant IQs and the Garda Vetting Form have been received and have been deemed to contain all the key information and documentation required, as outlined in Stages 2(I) and 3 above, the Central Bank will then proceed to the assessment phase of the application process. In the assessment phase, the application material submitted will be reviewed against the relevant AR&S to determine whether sufficient information has been provided to enable the Central Bank to issue a 'Notification of Assessment' letter as referred to in Stage 5 below. The Central Bank will issue initial comments to the applicant based on its review of the application material submitted and any subsequent comments based on its review of responses submitted by the firm. The Central Bank has published service standards (see below) in respect of the processing of applications for authorisation and in the context of meeting those standards the service standard timeframe to which the Central Bank has committed for the assessment phase of the application process is 90 working days. However, it should be noted that in the event of further and/or subsequent information being sought, this 90 day ‘clock’ is paused until such information is received by the Central Bank from the applicant. In the event of the applicant failing to respond to a request from the Central Bank for further and/or subsequent information, after 20 working days the application may not be considered further by the Central Bank (See Guidance Note).

Stage 5 – Notification of Assessment

The Central Bank will notify the applicant of the outcome of the Assessment Phase of the application process as follows:

a) Where the assessment is favourable, the Central Bank will notify the applicant by letter that it proposes to authorize the applicant on the basis of the information provided in its application submission, provided any specified final steps are taken and/or any specified final items of information and evidence are received. This letter will also specify any specific conditions the Central Bank proposes to impose on the authorisation itself once granted. This letter will explain the reasons for these proposed conditions and the applicant will be afforded the opportunity to make representations in respect of the proposed conditions before the Central Bank makes any decision on the application.

b) In the event that the Central Bank is not satisfied on foot of the Assessment Phase such that it can issue a Notification of Assessment letter under (a) above, the Central Bank will advise the applicant of this by letter. This letter will set out the areas to be addressed and afford the applicant the opportunity to do so and make any submissions it wishes to the Central Bank in respect of these matters.

Stage 6 - Notification of Decision in respect of the Application

Once the Central Bank has assessed any further information/evidence/representations submitted by the applicant following on from Stage 5 above, the Central Bank will notify the applicant, via letter, of its decision on the application as follows:

a) Authorisation with Specific Conditions - The Central Bank has decided to grant an authorisation with specific conditions attached to the authorisation. The specific conditions to be attached to the authorisation will be outlined in the letter.

b) Proposed Refusal of Authorisation - The Central Bank is minded to refuse the application for authorisation. In accordance with the applicable legislation, the Central Bank will notify the applicant of the grounds for the proposed refusal of the authorisation. The applicant will then have an opportunity to make submissions in response to the proposed refusal. These submissions will then be considered by the Central Bank following which a decision will be taken by the Central Bank to grant or refuse the authorisation applied for, as appropriate. Details of the Central Bank's process for the refusal of an application for authorisation are available on the Refusals and Revocations page.

If the firm has any queries in respect of the application process it can contact the Central Bank at [email protected].

Service Standards Performance Reports

Please find a link to the Service Standards Performance Reports page.

The reports set out the Bank's performance against Service Standards that it has committed to in respect of (i) Authorisation of Funds, (ii) Authorisation of Financial Service Providers and (iii) Processing of Fitness and Probity applications, on a half-yearly basis.

Section 149A of the Consumer Credit Act, 1995 (as amended) ('the CCA')

Bureaux de Change and Money Transmission Businesses providing relevant services must comply with Section 149A of the CCA which provides that you shall not impose a new charge or increase an existing charge for a service provided to a customer or a group of customers, without the prior approval of the Central Bank of Ireland (the 'Central Bank').

The Central Bank may impose sanctions on a firm pursuant to Part IIIC of the Central Bank Act, 1942 ('the Act') if, having concluded an inquiry, it determines that the firm has committed a contravention as defined by section 33AN of that Act

Please see attached note on Section 149A of the CCA.