Currency exchange authorisation

The main types of entity that may carry on currency exchange for individuals are:

• currency exchange offices organised as companies under the Companies Law, with currency exchange for individuals as their main activity — CAEN code 6612 (financial intermediation — activities of currency exchange offices). Secondary activities may only be those under CAEN 6619 (activities auxiliary to financial intermediation, excluding insurance and pension funding — money remittance);
• legal persons and other entities that benefit from express legal provisions and whose constitutive documents include currency exchange for individuals;
• entities that operate tourist accommodation and whose object of activity includes buying foreign currency (quoted and unquoted) as cash and cash substitutes.

Authorisation procedure

An entity may start currency exchange once it has, together:

• an authorisation issued by the Ministry of Finance;
• a statistical code assigned by the Ministry of Finance for each exchange point;
• the statistical code printed on the stamp of each exchange point.

Authorisation has two separate stages:

A. Authorising the entity that carries on currency exchange

B. Registering each exchange point.

A. Conditions for authorising the entity

1. its main activity is currency exchange for individuals (CAEN 6612), with secondary activities limited to CAEN 6619;
2. it holds funds in lei and/or quoted foreign currencies equivalent to at least €75,000, both at formation and throughout its activity, proven by a bank statement on the date of application (converted at the National Bank of Romania rates of the previous day);
3. a police clearance (aviz) for all directors, significant shareholders or partners — and, where they are legal persons, for the individuals who ultimately own or control them — issued by the territorial structures of the General Inspectorate of the Romanian Police for the area of the registered office;
4. statutory declarations by the directors that the entity has not been convicted, that staff are not in a situation of incompatibility, that they have adequate knowledge of the activities and of the law, and that all legal requirements are met at the exchange points proposed;
5. a statutory declaration by all legal representatives identifying the directors, significant shareholders or partners and, for legal persons, their ultimate owners;
6. where applicable, proof that the entity can handle traveller’s cheques.

Authorisation is refused where:

• the entity has outstanding obligations to the consolidated general budget;
• a legal representative, significant shareholder or partner has a final conviction for an intentional offence punished by imprisonment, without rehabilitation, in Romania or abroad;
• directors, significant shareholders or partners (or the individuals who ultimately own or control them) have been convicted of money laundering, terrorism or terrorist financing;
• shareholders, partners, directors or legal representatives held those roles in an entity whose currency exchange authorisation was annulled or revoked in the last five years.

B. Registering the exchange point

To obtain the authorisation and statistical code for at least one exchange point, the entity’s director or legal representative must file, before starting, the application to the authorisation committee with an index of the documents, including:

• a Trade Register certificate (no older than 30 days) showing the entity’s identification details, capital, shareholders, legal representatives, object of activity and secondary offices;
• a copy of the registration certificate;
• proof of the €75,000 funds;
• where applicable, documents showing that currency exchange is included in the entity’s constitutive documents;
• the police clearance for directors, significant shareholders or partners;
• the criminal record certificate of each legal representative;
• the directors’ statutory declarations;
• where traveller’s cheques will be handled, the contract with an authorised credit institution, the internal procedures and a declaration that the entity has the necessary means;
• the tax certificate issued by the competent tax authority;
• and the further documents on the exchange point’s premises, equipment and staff required by the Ministry of Finance order.

We prepare the file, check that the conditions are met and represent you before the authorisation committee.