Exchange Control Policies and Procedures

Posted on 25/08/2016

The general public is kindly reminded of the following important policies and procedures in relation to the Central Bank of Samoa (CBS) Exchange Control Regulations 1999:

 

  1. Only licensed commercial banks and foreign exchange dealers authorized by the Central Bank of Samoa are allowed to buy or sell foreign currency in exchange for Samoan Tala within Samoa;

 

  1. For businesses or individuals intending to sell any domestically produced or imported products outside of Samoa with value in excess of SAT$250.00, you must first register with the Central Bank and provide relevant documentations for the completion of the CBS Form E, before proceeding to Customs, the Post Office or the courier company.

 

The general public is also kindly reminded to cooperate and ensure that proper supporting documentation is available to the commercial banks and money transfer operator businesses when processing overseas payments. 

 

Approval of overseas payments may not be granted unless appropriate requested documents are sighted. These exchange control documentary requirements are in line with international standards for the prevention of anti-money laundering practices and to counter terrorist financing activities to safeguard Samoa’s financial system for today and tomorrow.

 

For further clarification and assistance on any Foreign Exchange Control matters, please contact phone numbers 34152 or 34153.