- Home
- Compliance
- Licence Guide
How to Become an Authorized Money Changer in Sri Lanka
A plain-language walkthrough of the Department of Foreign Exchange's permit process: who can apply, the capital and documents required, the steps to approval, and what must be in place before you open. Based on the DFE's Operational Guide (updated 9 September 2026).
The short answer. To become an Authorized Money Changer (AMC) in Sri Lanka, a company applies to the Director of the Department of Foreign Exchange (DFE) at the Central Bank of Sri Lanka for a money-changing permit under the Foreign Exchange Act, No. 12 of 2017. The permit is renewed every three years, and the Central Bank may refuse an application without giving reasons.
Step 1
Choose the permit category that fits your business
The DFE issues permits in four categories. What the permit lets you do depends on the category.
| Category | Who it is for | What the permit allows |
|---|---|---|
| Category A | Companies exclusively engaged in money changing business. | Buy and exchange foreign currency; or buy, sell and exchange. |
| Category B | Entities regulated by the Central Bank other than Authorized Dealers: licensed finance companies and licensed specialized banks. | Buy, sell and exchange foreign currency. |
| Category C | Hotels registered with the Sri Lanka Tourism Development Authority and classified four star or above. | Buy foreign currency only. |
| Category D | Other entities, such as retail chains. | Buy and exchange foreign currency. |
Money changers that are permitted to sell may sell foreign currency notes only for foreign travel, up to USD 5,000 per person per trip (Directions No. 01 of 2025, paras. 14–17).
Step 2
Meet the Category A eligibility criteria
For a company that will be a dedicated money changer, the Operational Guide sets out these conditions.
The company
- A limited liability company incorporated in Sri Lanka under the Companies Act, No. 7 of 2007.
- Money changing as the sole objective of the company.
- A place of business that is suitable and kept exclusively for money changing, supported by a police clearance certificate for the premises.
Directors and key management
- Directors and the people overseeing the business must be “fit and proper”: no pending fraud or dishonesty proceedings, no findings or convictions for it in the last ten years, and not insolvent.
- Police clearance certificates, issued where each person lives, and a sworn affidavit from each.
- The DFE may disqualify a director or key manager at any time.
Minimum capital (total equity)
Capital depends on where each outlet is. Outlets in airports, hotels rated four stars and above, and shopping malls are category A1; every other outlet is category A2. Amounts are in Rs. million.
| Outlet | Within the Western Province | Outside the Western Province |
|---|---|---|
| First outlet — A1 (airport, 4-star+ hotel, mall) | 12 | 10 |
| First outlet — A2 (any other place) | 20 | 10 |
| Additional A1 outlets — 1st to 2nd | 5 each | 2.5 each |
| Additional A1 outlets — more than 2 | 2.5 each | 1 each |
| Additional A2 outlets — 1st to 2nd | 10 each | 3 each |
| Additional A2 outlets — more than 2 | 7.5 each | 2 each |
A new A2 outlet in the Western Province is considered only if the money changer has operated for the last three years outside it and complied with its permit. The DFE can change the minimum capital from time to time.
Step 3
From application to permit
The process, in the order the DFE's documents describe it.
Apply
Submit the DFE application form, signed by all directors, with every page initialled by two directors and all documents certified. Incomplete applications are rejected.
Provisional approval
If the DFE is satisfied, it issues a provisional approval valid for three months while you complete the set-up requirements below.
Get ready
Open the bank account, install the software and CCTV, appoint a compliance officer, and pay the fees.
Permit issued
You receive a three-year permit. Display it, with the DFE name board and permit number, at every place of business.
What must be in place before you open
A rupee bank account
A separate Sri Lanka rupee account with an Authorized Dealer (a licensed commercial bank) to surrender or sell the foreign currency you buy.
Automated, integrated software
Software that generates customer receipts, daily, monthly or periodic balance statements, the purchase and sales register, and monthly statements of deposits, centralised across outlets with consolidated and outlet-level reports.
CCTV
CCTV at each outlet to the DFE's specification, with recordings kept for at least 60 days and remote viewing available.
A compliance officer
Appointed before you start trading, with qualifications in accounting, banking, finance, compliance or risk management, and enough authority to oversee compliance.
AML/CFT documents
A board resolution to comply with AML/CFT rules, and within six months of the permit an internal AML/CFT risk assessment and policy.
The fees
Category A: application processing Rs. 50,000 (Rs. 10,000 per additional outlet), initial three-year permit Rs. 450,000, renewal Rs. 150,000. The Guide notes these apply only once the Minister of Finance issues the required Regulations.
Your checklist
Documents for a Category A application
All documents except audited accounts must be certified true copies. The exact list is in the DFE application form and Operational Guide.
- An undertaking to comply on an ongoing basis with the Foreign Exchange Act, and projections of foreign currency deposits with banks for the first three years.
- Certificate of Incorporation and Articles of Association, plus company forms such as Form 13 and Form 20 where applicable.
- Directors' confirmation of total equity and the shareholding structure.
- A lease agreement or deed for the premises, and the address and description of each outlet.
- The educational, professional and business background of directors and key management.
- Sworn affidavits, police clearance certificates and CRIB reports for directors and key management; a police clearance for the premises.
- Board resolutions to engage in money changing and to comply with AML/CFT regulations.
- A list of beneficial owners certified by the company secretary.
- A declaration to provide the AML/CFT risk assessment and policy within six months, and the completed questionnaire.
- At provisional approval: CCTV and bank account details, the compliance officer's appointment letter, and system-generated sample reports from your software.
After you are licensed
Renewal and the minimum deposit requirement
Apply for renewal in writing at least 30 days before the permit expires. Category A money changers must also meet a minimum annual foreign currency deposit requirement per outlet, in US$ million.
| Period in the business | Buy & exchange: Western Province | Buy & exchange: outside WP | Buy, exchange & sell*: Western Province | Buy, exchange & sell*: outside WP |
|---|---|---|---|---|
| First 2 years, A1 outlet (pro rata) | 0.75 | 0.5 | 3.5 | 3 |
| First 2 years, A2 outlet (pro rata) | 1.5 | 1 | 4 | 3 |
| 3rd and 4th year | 2.25 | 1.5 | 5 | 4 |
| 5th year onwards | 3 | 2 | 8 | 7 |
* Subject to a limit of US$ 5,000 per transaction.
Tracking the requirement. FXSOFT records the USD value of every deposit and shows your progress against your annual deposit target, so renewal never comes as a surprise. The day-to-day duties that follow once you hold a permit are set out in our Regulatory Guide for Authorized Money Changers.
Official sources
Check the originals before you apply
- Operational Guide to Authorised Money ChangersDepartment of Foreign Exchange, last updated 9 September 2026
- Application to be appointed as an Authorized Money ChangerDepartment of Foreign Exchange application form with Annexes I to III
- Directions No. 01 of 2025 to Authorized Money ChangersDepartment of Foreign Exchange, 10 March 2025
Please note. This page is a general summary based on the DFE documents above as at October 2026. Requirements, capital amounts and fees can change, and the Central Bank decides each application on its merits. It is not legal advice; confirm the current requirements with the Department of Foreign Exchange before you apply.
Related reading: Regulatory Guide · Glossary · FAQ
Ready to see FXSOFT in action?
Watching FXSOFT handle a real multi-currency invoice, an automatic sanction screen, and a Central Bank report in minutes says more than any brochure. Book a live demo and see exactly how much manual work you can hand off.