The Fund Transfer Regulatory Agency is a public administrative body with legal personality and financial autonomy. The Fund Transfer Regulatory Agency directs and controls all remittance activities both inside and outside the country.
Its mission is to:
Regulate fund transfer activities ;
Contribute to the development of the balance of payments ;
Monitor the formation and liquidation of foreign direct investment ;
Ensure the proper functioning of money transfer companies ;
Review applications for registration of funds transfer companies ;
Study and implement measures to stimulate and better regulate the money transfer business sector ;
Contribute to the fight against money laundering and the financing of terrorism ;
The Fund Transfer Regulatory Agency is placed under the supervision of the Minister of Finance and Budget. It is administered by a Management Committee and managed by a General Management. Its Director General is appointed by decree of the Council of Ministers on the proposal of the Minister of Finance and Budget.
Financial resources of the Fund Transfer Regulatory Agency include :
The commission on remittances ;
service revenue ;
the proceeds of fines and penalties ;
donations and legacies.
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