[6] The foreign exchange market in Australia is regulated by the Australian Securities and Investments Commission (ASIC).
In 2006, it was estimated that 14% of currency transfers/international payments processed in the UK were made via non-bank Foreign Exchange Companies.
[8] In 2016, the share of Britain’s biggest banks in the market supplying UK companies' daily foreign currency needs fell for a second year running.
Recently reported net profit/loss of well-known UK originated foreign exchange companies (taken from companies house): As per the world bank report, the money exchange business in the UAE has shown steady growth in 2014 as remittances rose nearly five per cent to $29 billion.
[10] Most of the GCC states have announced major plans for converting their countries into world-class business hubs.
New development around the UAE is also set to give a boost to the tourism sector, which would, in turn, increase demand for currency exchange services[11] Two major Foreign Exchange companies in UAE In Singapore, foreign exchange companies are governed by the Monetary Authority of Singapore under the Money-Changing and Remittance Businesses Act[12] which sets out the criteria for license application[13] as well as guidelines when it comes to the prevention of money laundering and countering the financing of terrorism.