Authorisation to perform exchange operations

Economic entities (companies and entrepreneurs) interested in obtaining the authorisation to perform exchange operations are required to submit to the NBS an application accompanied with the prescribed documents.

The following documents are submitted along with the application for authorisation to perform exchange operations:

  1. proof of registration with the competent authority (decision of the Business Registers Agency);
  2. written agreement with a bank/banks on performing exchange operations, containing a mandatory list of exchange offices and their addresses and a provision that the agreement shall have no legal effect if the economic entity does not have the authorisation;
  3. evidence, not older than six months, that the owner and/or founder of the economic entity, and/or director/member of the management board and/or other responsible person of the economic entity, and/or director/member of the management board and/or other responsible person of the founder of the economic entity and worker who will directly perform exchange operations have not been convicted by a final judgement of criminal offences against the economy, property, life and body, public order, official duty and legal transactions, criminal offences of money laundering and terrorism financing and/or other criminal offences and/or commercial offences which makes them ineligible to perform exchange operations (a certificate of the Ministry of the Interior that this person has not been convicted of these offences and a certificate of the commercial court competent for the territory where the applicant resides that this person has not been convicted by a final judgement of commercial offences);
  4. evidence, not older than six months, showing that the economic entity – legal person applicant and founder of the economic entity – legal person have not been convicted by a final judgement of a criminal offence and that no criminal proceedings are being conducted against them, within the meaning of the law governing the responsibility of legal persons for criminal offences and/or that they have not been convicted of a commercial offence by a final judgement which makes them ineligible to perform exchange operations within the meaning of the law governing commercial offences (a certificate of the basic court competent for the territory where the head office of the economic entity is situated that the entity has not been convicted of a criminal offence by a final judgement; a certificate of the basic court competent for the territory where the head office of the economic entity is situated that no criminal proceedings are being conducted against the legal entity; a certificate of the commercial court competent for the territory where the head office of the economic entity is situated that the economic entity has not been convicted of a commercial offence; a certificate of the Higher Court – Special Department for Organised Crime that the economic entity has not been convicted of a criminal offence within the competence of the Special Department for Organised Crime and a certificate of the Higher Court – Special Department for Combating Corruption that the economic entity has not been convicted of a criminal offence within the competence of the Special Department for Combating Corruption);
  5. list of associates of the owner, and/or founder and responsible person of the economic entity, the applicant for the authorisation to perform exchange operations, within the meaning of the law governing foreign exchange operations (associate means any natural person who is a member of a managing body or other responsible person of the economic entity where the founder, owner or responsible person of the economic entity is in a managing position or is the beneficial owner of the entity; any natural person who is the beneficial owner of the legal entity where the founder, owner or responsible person of the economic entity is in a managing position and any natural person who has the beneficial ownership over the same legal entity with the founder, owner or responsible person of the economic entity);
  6. data on workers who will directly perform exchange operations, including the identification numbers of NBS certificates for performing exchange operations for these workers, accompanied with the copies of their ID cards or scan readings of their ID cards with a chip;
  7. evidence of at least secondary education for workers who will directly perform exchange operations (certified photocopy);
  8. signatures of persons authorised to represent the authorised exchange dealer, certified by the competent authority;
  9. evidence on the grounds for using the business premises for the performance of exchange operations (evidence of the title to property, and/or lease agreement for the period of not less than a year or other evidence that the economic entity is legitimately using the business premises for performing exchange operations);
  10. statement of possession of the following equipment: a metal cash register, counting machine, UV lamp and modern devices for the detection of counterfeits (devices containing marker sensors and a magnetic detection mechanism enabling detection of most US dollar counterfeits, as well as euro counterfeit detection devices);
  11. statement of possession of equipment specified by the NBS and/or a bank to use the software of the NBS, and/or of a bank;
  12. statement of possession of video equipment for continuous video recording of the currency exchange counter of the authorised exchange dealer during working hours;
  13. evidence of the paid fee of RSD 16,400 for the procedure to obtain the authorisation to perform exchange operations in accordance with the Decision on Uniform Fees Charged for Services Provided by the National Bank of Serbia – fee under Tariff number 2, Tariff item 24 of that Decision, to the account of the National Bank of Serbia – Department for FX Matters and Foreign Credit Relations No 980-737-56, reference number 9-020024-MBR;  
  14. evidence of payment of the republic administrative fee under tariff numbers 1 and 9 Section A Republic Administrative Fees Tariff of the Law on Republic Administrative Fees in the amount of RSD 870.00, account number 840-742221843-57, model 97;
  15. notification of working hours and breaks during working hours;
  16. statement of consent concerning Article 103, paragraph 2 of the General Administrative Procedure Law.

The NBS recommends that the economic entity should pay for the costs of the authorisation procedure (from Section 13)  on the day it submits the application for authorisation to perform exchange operations along with the  documents prescribed.

If the economic entity fulfilled conditions for performing exchange operations, the NBS adopts the decision on issuing the authorisation to perform exchange operations, for each exchange office separately, within 30 days from the date of receiving the application with complete documents. 

The economic entity to which the NBS granted the authorisation to perform exchange operations shall start performing exchange operations within 30 days from the day of receiving the decision.

An authorised exchange dealer may perform exchange operations using the NBS software or the software of the bank with which it entered into agreement on performing exchange operations.

The authorised exchange dealer shall inform the NBS of any changes in the data related to documents submitted along with the application for authorisation within five working days after such changes occur, while notification of the change of business premises for the performance of exchange operations shall be delivered prior to the actual change.

This type of notification shall be delivered by the authorised exchange dealer in writing or electronically.

When entering into a new agreement on performing exchange operations with another bank, the authorised exchange dealer shall submit this agreement to the NBS without delay, and not later than five working days from the date of the agreement, and shall inform the NBS without delay of the amendment, termination or ineffectiveness of the agreement and submit a copy of the agreement annex, and/or termination agreement.    

Forms

  • Application for authorisation to perform exchange operations with the list of required documents:
  • Statement of ownership of equipment and notification of working hours and breaks during working hours;
  • Statement of consent concerning Article 103, paragraph 2 of the General Administrative Procedure Law.