Wednesday May 25, 2022

Do you want a change: what is obn?

Start of operation of the direction before meeting the final R standards – as with any other business. In addition to the Commercial Code R, it is necessary to respect additional legal standards, especially the amended NB regulation, its fulfillment directly requires the issuance of a concession deed.

In the event of the start of operation, it can be recommended not to omit the full implementation, especially the operation. 61/1996 Sb. in later regulations, I am changing, which the public knows under the name “anti-money laundering”. Here, a number of provisions have been established relating to various financial institutions, and since 2001, all foreign exchange activities have been newly included in this group. The authority of the body does not continuously control the provisions of this regulation and the real threat of, among other things, astronomical fines has won the respect of reputable banks, then the guidelines. In addition, all persons working at the cashier’s office must pass the NB knee to recognize counterfeit banknotes.

Assuming that the change is a change in the classic tourist guidelines, which are undoubtedly the most, it is enough to apply for the issue of a concession deed and foreign exchange license NB authorizing the purchase of currencies. According to, integrity, indebtedness and competence in the form of practice or distance must be achieved. The NB thus approves the establishment of the exchange office, for which it will be carried out by the local council, when, in addition to the suitability of the location of the establishment, the equipment of the exchange office is obligatorily inspected.

Only a few more changes bought the currency for the customers to sell. To allow this activity, the company must submit to the NB after the year of operation the issuance of foreign exchange licenses for the sale of currencies. The NB then examines in particular the achieved turnover for the last 12 months, which should exceed 10 million CZK, and provided that the inspection does not reveal any defects in the records and other obligations of the exchange, the NB has granted a valid foreign exchange license.

The last area of ​​exchange activity is the implementation of non-cash exchange, ie between banks. It is thus possible to provide monetary services for this activity, e.g. payments abroad, collection of payments from abroad, etc. Here, these services create a kind of extension for clients to services to which they are accustomed in banks, and practice shows that, with some exceptions, this activity is particularly positive for other banks.

For these activities, the NB grants a license to provide non-cash transactions with foreign currency, or to provide cash services. The conditions for granting these licenses are relatively strict, as evidenced by the very small number of companies to which the license was granted. Due to the fact, we assume only some assumptions and conditions, e.g. the basic capital of the company in the amount of at least 10 million CZK, personnel and professional prerequisites of all persons carrying out negotiated or related business, the control activity does not take much longer.

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In addition to the standard obligations of the company, the actual operation of the exchange is also fulfilled by the NB’s decision, where these basic ones include quarterly reports on the summary of purchased and sold currencies. With regard to the specific activity, where the money itself in the case of exchange cash, then great emphasis is placed on the safety of persons and the security of cash as such.

Security risks are a measure of the volume with which the directive works – and the need to secure cash transfers corresponds to this. In the case of exchange rates, which can be sold to foreign currency by customers, there is usually no need to transfer cash as often, because redeemed currencies are again regularly reported. Here, too, there can be no constant balance between buying and selling, so cash transfer is inevitable.

Among the security methods is the use of services of security agencies, which are equipped for this activity, for example. cash boxes and armored vehicles. In addition, such transport tends to be connected and the price of the service is slightly more valuable. The safety of people, especially those working at the cash register, is a factor often overlooked, and even if a separate customer wall with safety glass screens contacts with the client, it is possible to recommend this option.

The need for a central treasury of the guidelines for the performance of their work duties would undoubtedly be undermined by another factor in the form of vigilance whether the client will eventually turn out to be a dangerous magnifier. The concealed and innovated wall separating the client direction and the use of bulletproof glass can be applied relatively easily and at first glance this fact may not be noticeable at all. The bank itself is then secured by a small cash balance, and in this area reputable private exchange offices are much longer than banks. Often, the security guidelines are designed by the couplers and then, if possible, fully understood by secrecy.

On the other hand, it should be noted that with regard to the planned adoption of the single EUR currency, it is currently difficult to imagine that we could do any boom in this area of ​​business. The introduced EUR will create a situation where citizens’ interest in shifts will generally decrease. The CZK / EUR and EUR / CZK exchanges, of course, form the known volume of transactions, the decrease in client demand and supply is also due to the disappearance of other currencies, such as SKK, HRK, PLN, HUF, and their replaced by the euro. The guidelines will have to respond to this situation and it is certain that the introduced EUR will not drink in this sweat.

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