CHAPTER 52 / 55 · Paid
Money-changer licence.
A cash-dealer permission. It is not a foreign-exchange dealer licence and not a bank.
Approx. 12 min with exercisesLaw cut-off: 20 September 2026Our approach
By the end of this chapter
- Describe the shop in one paragraph from the first file on the desk.
- Decide the promoter’s next asks: which stay on this letter, which need another paper.
- Keep neighbouring permissions off this desk.
- Cite the enabling section and treat the licence letter as the book.
Bank of Mauritius · BOM-MC · Money-changer licence (teaching category)
1. NoteChange Ltd’s shop
NoteChange Ltd is the desk this chapter is for. Carry on money-changer business.
The first file on the desk is this. NoteChange Ltd will buy and sell foreign notes for travellers. Money-changer licence / BOM-MC.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a money-changer licence (teaching category) under Banking Act 2004, Cash-dealer provisions: money-changer licence (no person other than a bank shall engage in money-changer business without that licence). A company name is not a permission.
Second, neighbouring papers stay off this desk. Not a foreign-exchange dealer licence, not a bank, and not an FSC PIS licence.
Third, the assumptions stay in the file. Fictional changer. Cut-off 20 September 2026.
Banking Act 2004, Cash-dealer provisions: money-changer licence (no person other than a bank shall engage in money-changer business without that licence). See the register note · Open the published text ↗.
2. A week with A bureau de change at the airport
Monday. The promoter walks in with “A bureau de change at the airport.” Write the facts before anyone names a code: NoteChange Ltd will buy and sell foreign notes for travellers.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Carry on money-changer business.
Wednesday. They record what this permission is used for. Money-changer licence / BOM-MC.
Thursday. They write what the letter does not cover. Not BOM-FX (a wider cash-dealer class) and not a bank.
Friday. They lock the assumptions. Fictional changer. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what BOM-MC is used for. The Act matters when NoteChange Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
A bureau de change at the airport
NoteChange Ltd will buy and sell foreign notes for travellers.
Why it fits. Money-changer licence / BOM-MC.
Different paper
The same promoter asks for foreign-exchange dealer licence
The slide says the BOM-MC letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not BOM-FX (a wider cash-dealer class) and not a bank.
Different paper
The same promoter asks for bank
The slide says the BOM-MC letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not BOM-FX (a wider cash-dealer class) and not a bank.
| The promoter asks NoteChange Ltd to… | This licence? | Why |
|---|---|---|
| A bureau de change at the airport | Yes | Money-changer licence / BOM-MC. |
| The same promoter asks for foreign-exchange dealer licence | No | Keep the neighbouring paper off this desk. Not BOM-FX (a wider cash-dealer class) and not a bank. |
| The same promoter asks for bank | No | Keep the neighbouring paper off this desk. Not BOM-FX (a wider cash-dealer class) and not a bank. |
4. Papers that sit beside this one
Not a foreign-exchange dealer licence, not a bank, and not an FSC PIS licence. Name the other desk when the work changes: a foreign-exchange dealer licence; a bank; an FSC PIS licence.
- a foreign-exchange dealer licence
- a bank
- an FSC PIS licence
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
A body corporate licensed as a money changer. This is a course teaching category, not an official Bank of Mauritius licence code. Fees as at 1 July 2026: Bank-prescribed fees. Status at cut-off: Teaching category for money-changer cash-dealer business.
Who may hold it. A body corporate licensed as a money changer. Course code BOM-MC is not official.
Published criteria. This is a course teaching category, not an official Bank of Mauritius licence code. Read the actual licence letter and the Banking Act or National Payment Systems Act provision that applies. Money-changer application forms and terms and conditions on bom.mu. Premises, AML/CFT and source-of-notes controls belong in the pack.
Rules, codes and circulars. Bank terms and conditions. FSC fee circulars do not apply.
6. How to cite BOM-MC
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | BOM-MC Money changer |
| Legal nature | Money-changer licence (teaching category) |
| Enabling law | Banking Act 2004 · Cash-dealer provisions: money-changer licence (no person other than a bank shall engage in money-changer business without that licence) |
| Fees as at 1 July 2026 | Bank-prescribed fees. Not GN 119. |
| Status at cut-off | Teaching category for money-changer cash-dealer business. |
The structured library card keeps the same coordinates for search. Open BOM-MC in the reference library.
Banking Act 2004 ↗Register noteBanking and payment-system legislation ↗Register noteBanking licence applications ↗Register note
PAUSE & REFLECT
Check your understanding.
Three questions to make the ideas stick. Your score is saved on this browser; this is a learning exercise, not a qualification.
Follow the sources.
Each title opens the published text. The register note records the edition used for this course.
- FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗ All published category codes, fees, forms and licensing-criteria columns; consolidation as at 1 July 2026 · Register note
- Financial Services Act 2007 ↗ Sections 2, 14, 14A, 16–18, 25, 33, 71A, 72, 77, 77A, 77B, 77C, 78, 79A; Second Schedule Parts I–III; Fifth Schedule · Register note
- FSC licensing and fees amendment rules 2026 ↗ Rule 3 and replacement First Schedule; rule 4 commencement · Register note
- FSC Circular Letter CL20260107 — review of fees and renewal of licences ↗ 1 July 2026 fee review; annual-fee due date 30 September 2026; FSCOne alternative arrangements · Register note
- FSC rules and regulations directory ↗ Consolidated licensing and fees rules; sector-specific rules including Securities (Licensing) Rules and Family Office Rules · Register note
- Banking Act 2004 ↗ Sections 2, 5, 7 and cash-dealer provisions; definitions of banking, digital, private and Islamic banking business · Register note
- Banking licence applications ↗ Banking, digital banking and money-changer applications · Register note
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