Frequently Asked Questions

An Authorized Money Changer (AMC) is a Restricted Dealer that the Department of Foreign Exchange has permitted to buy, sell and exchange foreign currency notes under the Foreign Exchange Act, No. 12 of 2017. AMCs are grouped into four categories: A (companies exclusively in money changing), B (licensed finance companies and specialized banks), C (hotels graded four stars and above) and D (other entities such as retail chains).

A company applies to the Director of the Department of Foreign Exchange at the Central Bank for a money-changing permit, with the required documents, signed by all directors. If the DFE is satisfied it issues a provisional approval, after which you set up the bank account, software, CCTV and compliance officer and pay the fees before the permit is issued. See our step-by-step licence guide.

Three years. A renewal application must be made in writing at least 30 days before the permit expires, and Category A money changers must also meet the DFE's minimum annual foreign currency deposit requirement to be eligible to renew.

The DFE's Directions and Operational Guide describe what a money changer's software must do, such as produce receipts, the purchase register, balance statements and monthly deposit statements, and they do not name specific products. FXSOFT is built to those published requirements; our Regulatory Guide shows how, requirement by requirement. If you need written confirmation for your own application, ask the DFE directly.

FXSOFT is built for licensed money changers in Sri Lanka. It covers daily counter operations, banking, accounting, and the compliance duties that come with the licence.

No. FXSOFT runs in your web browser, and you can also install it on a desktop, tablet, or phone like an app. Updates reach you automatically.

Yes. An invoice can contain several currency lines, each with its own rate, and the ledger keeps a rolling balance for every currency every day.

The individuals on the United Nations Security Council's consolidated sanctions list and on Sri Lanka's 1373 list of designated persons. Both are refreshed automatically every morning, and the list that produced a match is recorded in the screening log.

When a customer is added, when they are edited, and when they are selected on an invoice. You can also scan a single customer or your whole customer base at any time, and every customer is re-screened automatically on the 1st of each month.

The match is shown immediately, with the list, the field that matched, and a match score, and it is written to the screening log. The decision on what to do next stays with your compliance officer.

Customer Due Diligence is the identity and background check the FIU's CDD Rules require for money-changing transactions above Rs. 200,000 (or the foreign-currency equivalent), including linked transactions. FXSOFT shows the CDD form automatically when an invoice crosses the threshold, stores it with the invoice, and lets you print it right after saving.

Yes. The DFE requires daily purchases and deposits to be reported through its web-based reporting system. Choose a date or date range and FXSOFT generates your transactions in the Central Bank's electronic TXT format, with a header record, one line per transaction, and a checksum on each record, ready to upload. A PDF purchase register is available too.

No. FXSOFT automates and documents the work, but responsibility for compliance remains with your business. The DFE's Operational Guide places ultimate accountability on directors, key management personnel and compliance officers, whichever software is used.

The Department of Foreign Exchange (DFE) of the Central Bank issues and supervises the money-changing permit under the Foreign Exchange Act, No. 12 of 2017. The Financial Intelligence Unit (FIU) enforces the Financial Transactions Reporting Act, No. 6 of 2006 (as amended by Act No. 17 of 2026). Our Regulatory Guide explains both.

Yes. The Act's definition of "finance business" expressly includes "money and currency changing services" (section 33), so its due diligence, record-keeping and reporting duties apply.

Directions No. 01 of 2025 require every transaction to be automated in software that produces reports centrally, and the Operational Guide lists customer receipts, balance statements, a purchase register and monthly statements of deposits. FXSOFT provides the receipts, Purchase Register, Daily Balance Statement, Monthly Deposit Statement, the daily TXT file, and annual deposit target tracking.

No. FXSOFT prepares the files and reports, such as the FX TXT file, the monthly deposit statement and the screening reports. Your business uploads or sends them, and your compliance officer files any suspicious transaction report or sanction-match report.

At least six years: transaction records from the date the transaction is completed, and identification and due diligence records from the end of the business relationship or the date of the occasional transaction (CDD Rules, rules 89–91; FTRA section 4 as amended). FXSOFT stores your records in your own workspace; keeping them for the full period is up to your business.

Under rule 26(b) of the CDD Rules it is Rs. 200,000, or the foreign-currency equivalent, for money-changing transactions. The 2026 amendment to the FTRA lets thresholds be set by rules issued by the FIU, so FXSOFT's threshold can be updated if it changes.

FXSOFT shows the match immediately and logs it. Under FIU Circular 01/2014 a money changer must not deal with a designated person, must inform the FIU within 24 hours, and must notify the Competent Authority. Those steps are taken by your compliance officer.

Under the FTRA as amended by Act No. 17 of 2026, the FIU can impose written warnings, remedial orders, public statements, cease-and-desist orders and monetary penalties of up to Rs. 100 million (Rs. 200 million for a repeat), and can recommend that a licence be suspended or revoked. The Central Bank has also warned that errant money changers can lose their permits.

Choose NIC or passport, take or upload a photo, and crop it to the document. FXSOFT AI reads it and fills in the customer form. You review and edit the details before saving, and unclear reads are automatically double-checked.

Yes. Choose A5, A4 dual-copy, or 76 mm continuous roll in your settings. The roll layout sizes itself to the number of items on the invoice.

Daily balance statement, monthly deposit statement (PDF and Excel), purchase register (PDF and Central Bank TXT), general ledger, monthly summary, monthly purchases, sales and purchases summary, and sanction logs. See the reports page for details.

Yes. Each business has its own workspace and its own separate database, so your customers, transactions, and ledgers are never mixed with anyone else's.

Yes. Accounts are either admin or staff. User management and settings are limited to administrators.

Pricing depends on how your business is set up. Contact us for a demo and a quote.

Yes. Invoice numbers combine your institute code, branch code, and a running number, and the sequence can start from where your existing records left off.

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