The Tonga National Reserve Bank said some retail shops in Tonga have provided foreign exchange services to their customers without holding the required license.
It reminded that people conducting these illegal activities could be imprisoned or fined.
It urged those who were interested in this business to apply for a license.
The Bank said: “The Reserve Bank is responsible for the licensing, regulation and supervision of authorized dealers providing foreign exchange services in and from Tonga.
“Authorised Dealer”, as defined by the Regulation, means “in relation to any foreign currency, a person appointed by the Reserve Bank by notice in the Gazette to act for the purposes of these Regulations as an authorised dealer in relation to that foreign currency. Such appointment may be subject to such restrictions as are set out in the notice.”
The public is reminded that pursuant to Regulation 11, “A person who commits an offence against these regulations shall be liable on conviction – in the case of an individual to a fine not exceeding $200,000 or imprisonment for a term not exceeding 3 years, if a body corporate, to a fine not exceeding $200,000.”
“The public is hereby notified that by providing foreign exchange services without the required license is an offence and you are to immediately cease and desist such operations and apply to the Reserve Bank for a license. We are urging the public to please report to the Reserve Bank any unauthorized foreign exchange services”.
