1.1.1Exchange Business can be carried out by a person, whether natural or juridical, only if such person is licensed in writing by the Governor of the Central Bank or by a person authorized by the Governor to do so in accordance with the Regulations and its subsequent amendments;
1.1.2The Licensed Person must carry out its activities in an utmost professional manner and in full compliance with all applicable Laws, Rules, Regulations, Notices and the Standards; and
1.1.3The Central Bank shall treat instances of non-compliance seriously and reserves the right to impose appropriate non-compliance charges in accordance with Appendix 4 of the Standards.