Regulation - Currency exchange

Cash currency exchange regulation

The regulation of cash transactions in the foreign currency exchange market in France sets a number of obligations for currency exchange professionals, whether individuals or corporates. Subject to prudential monitoring, the currency exchange sector is regulated under both French and European law. In France, it is subject to laws on currency exchange, customs legislation, and anti-money laundering laws, under the surveillance of the French customs authorities and of the prudential authorities of the Bank of France (the “ACPR”).

Client identification for transactions above €1,000

French anti-money laundering law number 90-614 – dated 12 July 1990 – and decree number 91-160 – dated 13 February 1991 Like all financial transactions through a financial institution in France, individual cash transactions in currency exchange can be performed on an anonymous basis for any amount below €1,000. At UME, for any transaction above €801, clients must be identified with their ID, whether an identity card or a passport. A copy of the company’s official registration certificate is required for corporate clients. Any failure to comply may result in a payment equivalent to the seizure of the amounts exchanged, plus a penalty equivalent to at least one quarter and at most the totality of the amounts exchanged (art. 464 of the French customs code).

Compulsory declaration of cash amounts above €10,000 when entering and exiting the European Union

Regulation (CE) number 1889/2005 of the European parliament and art. 464 of the French customs code Any individual entering or exiting the European Union has the obligation to declare holding any amount in cash in excess of a value of Euros 10,000. The threshold is applicable to members of the same family or individuals sharing a “common interest” traveling together.

UME's currency exchange activities are authorized and regulated under the authority of the Banque de France, of the ACPR and of the French Customs Office. UME is certified ISO 9001:2008 for all of its activities.

Cours interbancaires - Spot rates • USD 1 € = 1,2355 USD • GBP 1 € = 0,8847 GBP • Pour seule information - For information only • CHF 1 € = 1,1710 CHF • CAD 1 € = 1,5996 CAD • Pour un taux - For a quote : Contact +33 (0)1 45 63 99 28 • JPY 1 € = 1,3172 JPY • CNY 1 € = 7,8040 CNY • Cours interbancaires - Spot rates • USD 1 € = 1,2355 USD • GBP 1 € = 0,8847 GBP • Pour seule information - For information only • CHF 1 € = 1,1710 CHF • CAD 1 € = 1,5996 CAD • Pour un taux - For a quote : Contact +33 (0)1 45 63 99 28 • JPY 1 € = 1,3172 JPY • CNY 1 € = 7,8040 CNY • Cours interbancaires - Spot rates • USD 1 € = 1,2355 USD • GBP 1 € = 0,8847 GBP • Pour seule information - For information only • CHF 1 € = 1,1710 CHF • CAD 1 € = 1,5996 CAD • Pour un taux - For a quote : Contact +33 (0)1 45 63 99 28 • JPY 1 € = 1,3172 JPY • CNY 1 € = 7,8040 CNY •