Financial regulation

The Foreign Exchange Law regulates the acts and commercial and financial transactions which have or may have an actual or potential impact on its balance of payments.

The implementation of the provisions of this law and of the respective complementary or regulatory diplomas shall be subject to the provisions of this law:

• exchange transactions;
• exchange trading.

According to this legislation, certain foreign exchange transactions are subject to restrictions, such as the need to obtain authorization from the Central Bank (BNA), the limit on the transfer of values. Given the size of foreign exchange transactions, the restrictions must be analyzed on a case-by-case basis. Nevertheless, the most recent legislation has been drafted with a view to making these same operations simpler and more expeditious.

Foreign exchange transactions may only be carried out through a financial institution authorized to engage in foreign exchange trading.

Foreign exchange operations are considered, according to the law:

• the acquisition or disposal of gold in cash, in bar or in any unworked form;
• the acquisition or disposal of foreign currency;
• the opening and movement in the country by residents or non-residents of foreign currency accounts;
• the opening and operation in the country, by non-residents, of accounts in national currency; and
• the settlement of any transactions of goods, current invisibles or capital.

Generally, banks are authorized to deal in foreign exchange and can operate foreign currency accounts. The RBA maintains general oversight of dealers in the foreign exchange market and sets conditions and prudential standards, but does not impose general restrictions on the import and export of funds in and out of Australia.

The flow of currency into and out of Australia is monitored through a reporting system. Under this system, designated cash dealers and individuals are required to report significant transactions – those involving AUD10,000 (other the foreign currency equivalent) or more – to Austrac. This report is due within 10 business days after the date of the transaction.

The RBA’s express approval may be required to complete some foreign exchange transactions that are real-time gross settlement (RTGS) systems (being RITS, Austraclear and CHESS) and multilateral netting arrangements. For example, the RBA has restricted foreign exchange transactions with governments and nationals of countries subject to United Nations sanctions.

There may also be anti-money laundering and tax considerations to take into account.

Belgian law does not impose specific restrictions on exchange controls, except in exceptional situations (e.g., as with UN sanctions). Article 63 Treaty on the Functioning of the European Union (TFEU) expressly prohibits restrictions between EU member states and between member states and third countries.

Therefore, there are no exchange control rules for foreign investors and no restrictions on the repatriation of profits either. However, withholding tax (roerende voorheffing/précompte mobilier) may apply under certain circumstances.

Belgian residents which fall within one of the following categories should inform the National Bank of Belgium (Banque Nationale de Belgique/Nationale Bank van Belgie) (NBB) of their professional foreign transactions:

• the 1,050 biggest companies;
• coordination centers; or
• the financial sector.

In addition, Belgian residents outside those categories should provide the NBB (if requested to do so) with information with respect to their transactions with countries abroad.

There are also anti money laundering, cash control and tax considerations to take into account.

Where loans (and certain other financial transactions) are entered into with Brazilian companies as borrowers, the main financial terms of the loan must be registered with the Central Bank under the Module of Registry of Financial Transaction (Módulo de Registro de Operações Financeiras – ROF) of the Central Bank Data System and the funds must be paid into Brazil. This registration with the Central Bank allows borrowers to make payments of principal, interest, cost, fees, expenses and commissions in relation to the loan.

Investments made by foreign residents in the Brazilian financial or capital markets have to be registered with the Central Bank in the ‘Portfolio’ Module of the Central Bank Data System once funds enter into Brazil. This registration allows foreign investors to repatriate the principal of the investment and any gain relating thereto.

Investments made by foreign residents in the capital of Brazilian companies outside the Brazilian financial or capital markets have to be registered with the Central Bank in the Module of Foreign Direct Investment (Módulo de Investimento Estrangeiro Direto – IED) of the Central Bank Data System once funds enter into Brazil. This registration allows foreign investors to repatriate the capital and receive payments of dividends and other related payments abroad.

Other payments involving remittances of funds abroad have to be carried out by institutions authorized by the Central Bank to operate in the foreign exchange market and are subject to certain controls.

There are no currency controls expressly applicable to the Brazilian real.

There are no exchange controls in Canada and no restrictions on the repatriation of profits (other than requirements relating to withholding tax on dividends etc).

Direct foreign investment

The transfer of foreign capital or assets owned or controlled by a foreign investor into Chile, for a sum equal to or greater than US$5 million or its equivalent in (i) other currencies, (ii) physical goods in all its forms or states, (iii) profit reinvestments, (iv) capitalization of credits, (v) technology in its various forms that is susceptible to be capitalized, or (vi) credits associated with foreign investment from related companies.

In addition, the above-mentioned is applicable to all investments that are conducted through the purchase of shares in the capital of a Chilean company, in which the foreign investor acquires at least 10% of the voting shares of said company, whether directly or indirectly.

Chapter XIV of the foreign exchange regulations of the Central Bank of Chile

It regulates all foreign loans, deposits, investments and capital contributions from abroad and others referred to foreign obligations, for an aggregate amount higher than US$10,000. These rules are not applicable to transactions of this nature performed by banks.

All transfer of funds into Chile from abroad as loans, deposits and investment or capital contributions, shall be made through the Chilean Formal Foreign Exchange Market (MCF) and shall be informed by commercial banks to the Chilean Central Bank by means of a standard form. However, according to the regulations currently in force, no access to the MCF is guaranteed to the foreign investor or capital contributor and the Chilean borrower, as applicable, for the repatriation of the capital investment and/or profits, or the payment of the principal and/or interest of the foreign loan, respectively.

Notwithstanding the information included in the above-mentioned standard form, any party to an international credit transaction equal to or higher than US$1 million or its equivalent in a different currency, shall inform the Chilean Central Bank in writing about the execution of such transaction.

General rule

According to the Colombian Exchange Code, the following operations must be channeled through the exchange market:

• importation and exportation of goods;
• foreign indebtedness of Colombian residents and financial costs inherent to these operations;
• foreign investments and their corresponding profits;
• Colombian investments abroad as well as their corresponding profits;
• foreign investments in securities or assets located abroad, unless said investment is made with funds that do not have to be channeled through the exchange market;
• securities and guarantees in foreign currency; and
• derivative operations.

The above-mentioned operations must be made through a foreign market intermediary and/or through a compensation account. Foreign market intermediaries are commercial banks, mortgage banks, financial corporations, commercial financing companies, Financiera Energética Nacional, Banco de Comercio Exterior de Colombia S.A., financial cooperatives, stock broker companies and foreign exchange agents. Such operations must be registered with the Colombian Central Bank through the filing of the corresponding form depending on each kind of transaction.

Prohibition to pay in foreign currency between Colombian residents

In general terms, Colombian residents should pay their mutual obligations in Colombian legal currency. However, since Resolution 1 of 2013, Colombian residents can pay and receive payments in foreign currencies as long as they do it through their compensation accounts.

There are no currency controls in place in the Czech Republic, except for the standard requirement to declare the import of foreign currency to the Czech Republic territory. Also, the anti-money laundering rules and EU payment regulations have to be observed.

Finland does not operate any foreign currency controls.

Where money is transferred from non-EU member states, imports of foreign currency may need to be declared to customs, but there is no legal restriction on moving money in and out of the country.

There may be anti-money laundering (in accordance with EU Directives No. 2015/849/EU and No. 2015/847) and tax considerations to take into account.

Manual money changers obtain an authorisation from the  Prudential Supervisory and Resolution Authority (Autorité de contrôle prudentiel et de résolution) (ACPR). Pursuant to EU and French regulations, any person which carries to a Member State of the European Union or from a Member State of the European Union more than EUR10,000 of cash shall declare that sum to the custom authorities.

Other restrictions apply related to payments and foreign investments (and divestments).

Compliance with the Foreign Trade and Payments Ordinance (Außenwirtschaftsverordnung – AWV) must be ensured.

Where money is being transferred from non-EU member states, imports of foreign currency may need to be declared in customs declarations.

There are no foreign exchange controls in relation to the remittance of the principal amount invested, or any capital gains, dividends, interest payment or any related earnings. 

However, foreign currency payments to and from Ghana between a Ghana resident and non-resident, or non-residents, must be made through a bank. Transfers of foreign currency to or from Ghana must also be made through a licensed person. 

There are two types of accounts involving non-Ghanaian currency that Ghana residents may operate, to which different terms and conditions apply with regard to the source of funds and the making of external transfers.  Only one of the two categories of account is available to non-residents. 

A licensed specialized deposit-taking institution cannot trade in foreign exchange or offer services denominated in a foreign currency. 

The Bank of Ghana has powers to restrict the importation and exportation of foreign currency and securities denominated in such currency. 

A declaration must be made at the point of entry or exit into the country where foreign currency beyond a prescribed amount is being conveyed. 

A bank or specialized deposit-taking institution must report any currency transaction greater than the prescribed threshold amount to the Financial Intelligence Centre.

Hungary does not operate any foreign currency controls.

For cases of money transferring from non-EU member states, imports of foreign currency may need to be declared in the custom declarations, but there is no legal restriction on moving money in and out of the country.

Compliance with the EU rules on payments (EU Payments Regulation and the Transfer of Funds Regulations) must be ensured.

There may also be anti-money laundering and tax considerations to take into account.

Ireland does not operate any exchange controls.

The Minister of Finance has the power to restrict financial transfers between Ireland and other countries provided such restrictions comply with EU laws. Ireland is subject to, and complies with, EU Council Regulations relating to financial sanctions, also known as "restrictive measures.” Once a person or entity has been sanctioned under EU financial sanctions, there is a legal obligation not to transfer funds or make funds or economic resources available, directly or indirectly, to that person or entity.

Payments services, e-money services and money transmission services are all regulated activities in Ireland and must only be undertaken by an authorized payment service provider, e-money institution or money transmission business, as the case may be.

Anti-money laundering and tax considerations may also need to be taken into account.

In Italy there are no exchange controls. Italian residents may hold, within and outside Italy, foreign currency and foreign securities of any kind and non-residents may export cash and/or securities, in both foreign currency and euro and are entitled to invest in Italian securities provided that when the total amount of the value to be transferred is more than €10,000, reporting and record-keeping requirements are complied with. Entering or leaving the EU with €10,000 or more in cash must also be declared to customs.

Certain additional procedural requirements are also imposed for tax reasons.

In Italy, payments in cash, or made with bank or postal deposit savings passbooks, or by way of debt securities in bearer form both in euro or in a foreign currency must not exceed €2,000. Starting from 1 January 2022 such limit will be reduced to €1.000.

The limit fixed for money transfers as well as bank or postal check books without the identification of the beneficiary is €1,000.

Transfers are, in principle, free.

However, some exchange controls and other restrictions on payments apply.

Under article 2 of Regulation n°09/2010/CM/UEMOA, foreign exchange transactions, capital movements (issuance of transfers and/or receipt of funds) and settlements of all kinds from a WAMU Member State to a foreign country or in the WAMU space between residents and non-residents can only be made through the BCEAO, the Administration or the Post Office, a licensed intermediary or a licensed manual exchange agent.

Licensed intermediaries are allowed to perform the following activities to a destination abroad, under their responsibility and on the basis of supporting documents (art. 7 of the Regulation n°09/2010/CM/UEMOA):

• the transfer of money required for contractual debts amortization as well as short-term repayment of loans granted for the financing of commercial and industrial operations;
• the transfer of the liquidation proceeds of investments or the sale of foreign securities by non-residents;
• the required settlements, either for transactions on derivative instruments or for transactions on commodity derivatives and basic products.

Payments to foreign destinations in respect of capital transactions, other than those provided above, must be done based on an application for foreign exchange authorization submitted to the Minister of Finance.

Strict regulations are not generally imposed on foreign direct investment in Japan. However, in exceptional cases, pre- or post-acquisition notices may be required under the Foreign Exchange and Foreign Trade Act.

The Foreign Exchange and Foreign Trade Act applies to the following four categories of investment:

• inward direct investments conducted by a foreign investor;
• capital transactions;
• payments to and from foreign countries; and
• foreign trade (import and export).

Capital transactions, payments to and from foreign countries and foreign trade are regulated concurrently by the Ministry of Finance and the Ministry of Economy, Trade and Industry. Foreign trade transactions are regulated exclusively by the Ministry of Economy, Trade and Industry.

Based on the recent amendment to the Foreign Exchange and Foreign Trade Act in August 2019, the category of “restricted business sectors” requiring off-shore investors to make a prior filing with the Bank of Japan has been expanded to include, among others, the information and communication technology sector such as data processing service and internet user support services.

In addition, Japan’s Cabinet approved and submitted to the Diet a draft bill of further amendments to the Foreign Exchange and Foreign Trade Act in October 2019. Under these amendments, the current pre-filing threshold of 10% for foreign investors making investments in Japanese listed companies in the “restricted business sectors” will be reduced to 1%. However, certain exemptions from this prior-filing requirement will be introduced under the amendments. For instance, proprietary trading by foreign securities firms and transactions by foreign banks or insurance companies could generally be exempted from pre filings.

Business operators, such as banks, insurance companies, financial instruments businesses, trust companies, lending businesses or other operators specified by the Act on Prevention of Transfer of Criminal Proceeds must, in respect of certain transactions, confirm:

• the purpose of a transaction;
• the identity of the relevant customer;
• the occupation or business of the relevant customer; and
• the identity of persons substantially controlling the customer's business.

Luxembourg does not operate any foreign currency controls.

For cases of money transferring from non-EU member states, imports of foreign currency may need to be declared in the custom declarations, but there is no legal restriction on moving money in or out of the country.

Compliance with the EU rules on payments (EU Payments Regulation and the Transfer of Funds Regulations) must be ensured.

There may also be anti-money laundering and tax considerations to take into account.

Generally 

Any transaction is subject to anti-money laundering laws and tax. 

Exchange Controls 

There are no Mauritius currency exchange restrictions in respect of payments. 

Payments in cash 

Subject to exemptions, any person who makes or accepts any payment in cash in excess of MUR 500,000 (approximately USD15,200) or an equivalent amount in foreign currency, or such amount as may be prescribed, shall commit an offence.

The Mexican peso is freely convertible into all other currencies and there are no restrictions on the remittance of profits abroad or the repatriation of capital.

In Morocco there is a foreign exchange regulation implemented by the foreign exchange office. The foreign exchange office is a public authority under the supervision of the Ministry of Finance. Investment and funding made outside Morocco are subject to prior approval of the foreign exchange office. Investment and funding made to Africa are encouraged by the office.

Moroccan residents are entitled to an annual tourist allowance in foreign currency of the equivalent of MAD20,000 per trip up to a maximum of MAD45,000 per calendar year.

The tourist allowance that will be issued, for travel, by a bank, exchange office or money transfer intermediation company duly authorised to carry out manual exchange, must be used within 60 days from the issue or returned to the bank counters in the event of non-use.

The Netherlands does not operate any exchange controls.

Imports of physical foreign currency from non-EU member states may need to be declared to customs authorities.

EU rules on payments must be complied with and there may also be anti-money laundering and tax considerations to take into account.

There are no exchange controls on foreign-exchange transactions undertaken in New Zealand, either by New Zealand residents or non-residents. The New Zealand dollar has a floating exchange rate and there are no restrictions on the amount of funds which may be brought into or taken out of New Zealand.

Anti-money laundering controls may apply in certain circumstances.

Norway does not operate any foreign currency controls.

For cases of money transferring from non-EU member states, imports of foreign currency may need to be declared in the custom declarations, but there is no legal restriction on moving money in and out of the country.

Note, however, that there may be anti-money laundering and tax considerations to take into account.

Peru has implemented no foreign exchange controls.

The exchange rate policy in Peru may be defined as a floating rate with the possibility of Central Reserve Bank of Peru intervening in the market in order to preserve monetary stability. Consequently, the exchange rate between currencies is free and can be established by any private entity for any purpose without the Central Reserve Bank of Peru or other institution intervening in it.

The Political Constitution of Peru guarantees the free possession and disposal of foreign currency.

In case of money transferring from non-Peruvian firms, imports of foreign currency may need to be declared in the customs declarations for their transfer in and out of the country.

There may also be anti-money laundering, anti-terrorism financing and tax considerations to be taken into account.

Foreign exchange regulations are included in the Act of 27 July 2002 – Foreign Exchange Law and secondary legislations issued on the basis thereof.

There are certain restrictions on payments that apply in the case of non-Bilateral Investment Treaties (non-BIT) countries or countries that do not have agreements on partnership and cooperation, association agreements or other similar agreements, which would oblige Poland to enable the free flow of capital.

In addition:

• Importing or exporting domestic or foreign currency must be declared in writing to customs officials if the value of the currency exceeds the equivalent of €10,000 (this restriction does not apply in the Schengen area). Customs officials can also demand the presentation of imported or exported currency regardless of its value.
• International money transfers and domestic settlements relating to foreign exchange dealings shall be made with the intermediation of authorized banks or payment institutions or electronic money institutions authorized to provide payment services. In the case of making settlements within the country, they may also use payment services bureaus if the amount of transfer or settlement exceeds the equivalent of €15,000. This obligation does not apply to cases in which a party to the settlement is an authorized bank, a domestic payment institution, a branch of a EU payment institution, a domestic electronic money institution, or a branch of an EU electronic money institution.

Compliance with EU rules on payments (EU Payments Regulation and the Transfer of Funds Regulations) must be ensured.

Anti-money laundering and tax considerations may also need to be taken into account.

There are no legal restrictions on moving money in and out of the country. However, where money is being transferred to or from non-EU member states, in some instances sums of foreign currency above EUR10,000 must be declared to customs authorities.

Compliance with the EU rules on payments (EU Payments Regulation and the Transfer of Funds Regulations) must be ensured.

There may also be anti-money laundering and tax considerations to take into account.

There are no exchange controls under Puerto Rican laws as the currency in Puerto Rico is the US dollar, which is exclusively regulated at the US federal level.

There are certain general foreign exchange rules provided by Romanian law. By way of example, making or receiving payments, transfers and any other similar operations arising out of the sale of assets, or the provision of services between Romanian residents must be made only in Romanian currency (ie RON), except for certain specific operations, as provided by law, which may also be performed in other currencies. Operations between residents and non-residents can be performed either in Romanian currency or in a foreign currency.

In addition, there are certain threshold limitations for monetary transactions provided under the anti-money laundering law which may trigger various reporting obligations (eg for cash transactions involving amounts of at least the RON equivalent of €15,000, or for external transfers made in or from accounts and amounting to at least the RON equivalent of €15,000).

Statutory blacklists operate to prohibit, or restrict funds being sent to, or received from, persons in certain countries.

Also, certain reporting requirements apply to loans received by Romanian residents from non-residents.

Compliance with the EU rules on payments (EU Payments Regulation and the Transfer of Funds Regulations) must also be ensured. Furthermore, there are specific rules provided by the law for cash transactions between legal entities and other persons.

Cross-border transfers and the use of foreign currency in the territory of Russia is allowed only in the cases specified in the Federal Law 'On Currency Regulation and Currency Control'.

In general, currency operations between residents are prohibited unless expressly allowed by law. Currency operations between residents and non-residents may be performed subject to certain requirements (payments must be settled through an authorized bank and registrations of cross-border trade and loan/credit contracts by such a bank must take place).

The law also obliges residents to 'repatriate' the currency earnings, meaning that they as a general rule must facilitate the full return by non-residents of foreign currency or Russian currency due under the terms of the relevant foreign trade or loan contract to the resident's bank account opened with the authorized bank. Non-compliance with this rule can lead to an administrative or criminal liability.

Non-residents may open accounts with Russian banks and transfer funds to and from such accounts without restriction. Residents are also allowed to open accounts with foreign banks but generally there is a requirement to report this to the tax authorities. Operations under such accounts are subject to certain restrictions stated in the law.

There may also be anti-money laundering and tax considerations to take into account.

Payment transfers are, in principle, free. However, some exchange controls and other restrictions on payments apply.

Under article 2 of Regulation n°09/2010/CM/UEMOA, foreign exchange transactions, capital movements (issuance of transfers and/or receipt of funds) and settlements of all kinds from a WAMU Member State to a foreign country or in the WAMU space between residents and non-residents can only be made through the BCEAO, the Administration or the Post Office, a licensed intermediary or a licensed manual exchange agent.

Licensed intermediaries are allowed to perform the following activities to a destination abroad, under their responsibility and on the basis of supporting documents (art. 7 of the Regulation n°09/2010/CM/UEMOA):

• the transfer of money required for contractual debts amortization as well as short-term repayment of loans granted for the financing of commercial and industrial operations;
• the transfer of the liquidation of investment proceeds or the sale of foreign securities by non-residents; and
• the required settlements, either for transactions on derivative instruments or for transactions on commodity derivatives and basic products.

Payments to foreign destinations in respect of capital transactions, other than those provided above, must be done based on an application for foreign exchange authorization submitted to the Minister of Finance.

Singapore does not operate any foreign currency controls.

There may be anti-money laundering and tax considerations to take into account. Depending on the way the business is conducted, an analysis on whether a remittance license is required should be conducted.

Slovakia does not operate any foreign currency controls.

For cases of money transferring from non-EU member states, imports of foreign currency may need to be declared in the custom declarations, but there is no legal restriction on moving money in and out of the country.

Compliance with the EU rules on payments (EU Payments Regulation and the Transfer of Funds Regulations) must be ensured.

There may also be anti-money laundering and tax considerations to take into account.

Payments out of South Africa are regulated by the Exchange Control Regulations published under and in terms of the Currency and Exchanges Act. Approval must be sought for the making of such payments from the Financial Surveillance Department of the South African Reserve Bank. Applications are required to be made through specified authorized dealers (including commercial banks).

There are also tax considerations which should be taken into account particularly when financing assets which are to be imported into South Africa.

Spain does not operate any foreign currency controls.

For cases of cash being transferred to Spain or outside Spain, cash transfers equal or exceeding €10,000 have to be declared, but there is no legal restriction on moving money in and out of the country.

Compliance with the EU rules on payments (EU Payments Regulation and the Transfer of Funds Regulations) must be ensured.

There are also anti-money laundering and tax considerations to take into account.

Sweden does not operate any foreign currency controls.

For cases of money transferring from non-EU member states, imports of foreign currency may need to be declared in the custom declarations, but there is no legal restriction on moving money in and out of the country.

Compliance with the EU rules on payments (EU Payments Regulation and the Transfer of Funds Regulations) must be ensured.

There may also be anti-money laundering and tax considerations to take into account.

Yes.

The Bank of Thailand applies foreign exchange regulations to control and supervise cross-border transactions which involve foreign currencies, in particular if there will be repatriation of funds outside of Thailand.

Foreign currencies can be transferred into Thailand without limit. However, any person receiving foreign currencies from abroad is required to immediately sell such funds to an authorized bank or deposit such funds in a foreign currency account opened with an authorized bank within 360 days of receipt. Non-Thai residents and foreigners staying in Thailand for not more than three months, foreign embassies, and international organizations (including staff with diplomatic privileges) are exempt from this rule.

Anti‑money laundering and tax considerations should also be taken into account. 

General restrictions

The new Law of Ukraine ‘On Currency and Currency Operations’ and secondary legislation of the National Bank of Ukraine effective as of 7 February 2019 liberalised Ukrainian currency control regulation and set out new core principles for currency transactions. The new regulation introduced significant changes and simplifications in the currency market which give more freedom to both business and individuals. 

Permanent currency control and exchange restrictions include:

• settlements within the territory of Ukraine shall be made in Hryvna (UAH);
• financial monitoring for transactions in access of UAH 150,000 equivalent; and
• import or export of foreign currency (in excess of EUR10,000) shall be declared in custom declarations.

Temporary restrictions

NBU Regulation No. 5 ‘On Approval of the Regulation on Protective Measures and Determination of the Procedure for Caring out of Particular Foreign Currency Transactions’ dated 2 January 2019 introduced protective measures which will remain effective for an indefinite period until cancelled by the National Bank of Ukraine. Key protective measures include:

• E-limits for individuals (EUR100,000 equivalent per year) and corporates (EUR2,000,000 equivalent per year) on the outgoing payments in foreign currency abroad;
• 365-day limitation period for conducting settlement under export and/or import contracts.

Cashless payment restrictions

The National Bank of Ukraine limits cash payments in same day transactions:

• between legal entities – to GBP305 (UAH10,000); and
• between individuals/individuals and legal entities – to GBP1,527 (UAH50,000).

All payments on amounts exceeding the above thresholds shall not be paid in cash and shall be made by way of bank transfer.

Anti-money laundering restrictions

If any payment in a financial transaction appears to be suspicious or relates to money laundering or terrorism financing, such settlements may be stopped or suspended by a bank, financial institution or state authority. The screening period will range from two to 30 days (unless extended). The payments will be blocked during that period.

The UK does not operate any foreign currency controls.

For cases of money transferring from non-EU member states, imports of foreign currency may need to be declared in the custom declarations, but there is no legal restriction on moving money in and out of the country.

Compliance with the EU rules on payments (EU Payments Regulation and the Transfer of Funds Regulations) must be ensured.

Anti-money laundering and tax considerations may also need to be taken into account.

Payments services are regulated in the UK and must be undertaken by an authorised Payment Service Provider, such as a bank.

The UK does not operate any foreign currency controls.

For cases of money transferring from non-EU member states, imports of foreign currency may need to be declared in the custom declarations, but there is no legal restriction on moving money in and out of the country.

Compliance with the EU rules on payments (EU Payments Regulation and the Transfer of Funds Regulations) must be ensured.

There may also be anti-money laundering and tax considerations to take into account.

There are no foreign exchange controls in the UAE or restrictions on payments, except to the extent these may violate anti-money laundering rules or international sanctions.

Securities transactions effected by US broker-dealers, including transactions in non-US securities, must be reported by the executing broker-dealer to Financial Industry Regulatory Authority (FINRA). Any transaction reported to FINRA must be reported in US dollars, regardless of the currency in which the transaction occurred. The methodology employed by the broker-dealer for currency conversion is left to the broker-dealer; however, the methodology must be reasonable and the broker-dealer must document its practice and employ the same method consistently.

Foreign exchange transactions are generally effected through futures commission merchants subject to the oversight of the Commodity Futures Trading Commission (CFTC) pursuant to the US Commodity Exchange Act. However, forex securities transactions effected by securities broker-dealers are subject to FINRA oversight. In an effort to protect retail investors, FINRA from time to time issues cautionary bulletins to investors about the risks of forex transactions and in 2009 proposed to limit the leverage ratio that a FINRA-member broker-dealer could offer a retail forex customer. The proposed rule was later withdrawn.