Authorised exchange offices

Published: 31/1/2015 Modified: 21/6/2016
The CNB will grant authorisation to conduct exchange transactions if it assesses from the application and available data that all of the conditions prescribed by the Foreign Exchange Act are met.

Authorisation is granted if all conditions for its granting are met, which also include the submission of the complete prescribed documentation. The authorised exchange office may conduct exchange transactions only provided it meets the conditions prescribed by relevant laws and subordinate legislation.

Forms which limited liability companies and joint stock companies submit to the CNB for granting and withdrawing authorisation to conduct exchange transactions are, as follows:

  • Annex 1a Application for the issue of the authorisation to conduct exchange transactions
  • Annex 1c Application for the withdrawal of the authorisation to conduct exchange transactions
  • Annex 2a Certificate of authenticity of the negotiated protected computer programme
  • Annex 2b Certificate of authenticity of the installed protected computer programme
  • Annex 3a List of qualified owners for the applicant
  • Annex 3b List of qualified owners who are natural persons, qualified owners for the applicant

Instructions for the completion of Annexes 3a and 3b

  • Annex 4 RF – Statement of non conviction of resident natural person
  • Annex 4 RP – Statement of non conviction of resident legal person
  • Annex 4 NF – Statement of non conviction of non-resident natural person
  • Annex 4 NP – Statement of non conviction of non-resident legal person

Forms which craftsmen and sole traders submit to the CNB for the issue of the authorisation to conduct exchange transactions are, as follows:

  • Annex 1b Application for the issue of the authorisation to conduct exchange transactions
  • Annex 1d Application for the withdrawal of the authorisation to conduct exchange transactions
  • Annex 2a Certificate of authenticity of the negotiated protected computer programme
  • Annex 2b Certificate of authenticity of the installed protected computer programme
  • Annex 4 RF – Statement of non conviction of resident natural person

The application for the issue of the authorisation should also be accompanied by the following documentation:

  1. the original or a certified copy of an excerpt from the court register or the register of crafts, not older than 30 days from the date of  application,
  2. completed forms 3a and 3b (for legal persons only),
  3. a preliminary agreement or an agreement on exchange transactions concluded with a bank,
  4. a preliminary agreement or an agreement on the purchase/use of a certified computer programme for authorised exchange offices,
  5. certificate of authenticity of the contracted computer programme,
  6. certified statements proving that a craftsman, a member of the management board or executive director of a joint stock company that has a management board, a procurator or any of the qualified owners has not been convicted abroad, and
  7. a list of currency exchange outlets, with addresses.

An agreement or preliminary agreement on the purchase/use of a certified computer programme is concluded with the trade company or craft whose programme has been certified by the CNB. Their names and addresses are published in the sub-section Notice of the previous results of the public invitation for tenders for software solutions for protected computer programme for authorised exchange offices.

The application, accompanied by stamp duty in a total amount of HRK 70.00, together with the mentioned documentation should be sent directly to the following address:

HRVATSKA NARODNA BANKA
Payment Operations Regulation and Development Department
Trg hrvatskih velikana 3
10000 Zagreb
Republic of Croatia

The CNB does not charge the fee for issuing the authorisation.

The CNB shall adopt the decision on the application no later than within 60 days of the receipt of a valid application. However, the usual deadline for granting of authorisation is up to 30 days.

An authorised exchange office submits an application for the enrolment of exchange office operations in the register of companies or the register of crafts after receiving the authorisation to conduct exchange transactions.

Detailed conditions and the manner of conducting exchange office operations are prescribed by the Decision on the conditions and the manner in which authorised currency exchange offices conduct currency exchange transactions. The Decision also specifies the material conditions an authorised exchange office must meet to conduct exchange transactions.

Specific conditions with regard to equipping currency exchange outlets are prescribed by the Minimal Protection Measures in Operations Involving Cash and Valuables Act. The purpose of the Act is to ensure the security of employees in institutions operating with cash and valuables, and its implementation is the responsibility of the Ministry of the Interior. With regard to the necessary equipment for the protection of currency exchange outlets, please refer to the Ministry of the Interior directly.

Authorised exchange offices must also comply with the Anti Money Laundering and Terrorist Financing Law. This Law prescribes measures and actions in banking and  non-banking financial operations, money-related and other operations taken for the purpose of the prevention and detection of money laundering and terrorist financing. Also, authorised exchange offices shall comply with the Cash Transaction Fiscalisation Act. Any questions concerning the implementation of the Anti Money Laundering and Terrorist Financing Law can be referred to the Ministry of Finance – Financial Inspectorate, and questions concerning the implementation of the Cash Transaction Fiscalisation Act can be referred to the Ministry of Finance – Tax Administration.

Any additional questions concerning the provisions of the Foreign Exchange Act and the Decision on the conditions and the manner in which authorised currency exchange offices conduct currency exchange transactions, as well as concerning the granting of authorisations can be sent to the following address: mjenjaci@hnb.hr or addressed to the following telephone numbers: +385 (0)1 4564 632, 4564 639, 4564 640 or 4564 645.