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Reserve Bank warns unlicensed foreign exchange services

Radio & TV Tonga, Nuku’alofa, 14/03/2017

National Reserve Bank of Tonga has warned unlicensed shops and individuals who are providing foreign exchange services to refrain from such unlawful actions.

In a press release it stated anyone who wants to carry on such a business has to be licensed.

This follows information that retail shops in Tonga carry out foreign exchange services to its customers particularly foreign currency cash conversion.

Any unlicensed operator must be stopped as they can face penalties of $TOP200,000 or jail sentence of up to 3 years.

© Radio and Television Tonga News