Online Licensing Services In line with the Central Bank of the UAE’s continuous efforts to advance its services, supported by a robust digital transformation strategy, advanced regulations and prudent oversight, we have shifted our licensing processes for all financial and banking services entities to a … Locally established banks are public shareholding companies licensed in accordance with provisions of Federal Law No. Please go to https://171.ae/en/?lang=en, your gateway to UAE government services. Exchanging foreign currency and remitting money is common in the UAE. The resolution defines financial investment companies as those conducting one or more than one of the following business: The Central Bank's Board of Directors Resolution No. In the UAE historically, the UAE Central Bank has regulated the activity of financial consultation as part of the financial investment business. Central Bank of The UAE may take the appropriate measures to protect website against any loss, abuse or change of information available on the website on the condition that Central Bank of The UAE shall not guarantee to maintain confidentiality of the website contents. If you do that, we shall use such details only to process your application for obtaining information or services. Investment banks are licensed under the Regulation No. Saudi Central Bank studies requests for consumer microfinance licenses Setting an amount of SR20 million as a minimum requirement for companies wishing to obtain a license … Bank Lending Survey - January 2021. All our emails use our email address: @ cbuae.gov.ae and we do not use any other variations (for e.g. Please notify us if the fraud involves a misuse of the CBUAE’s name or logo, or the name of any CBUAE employee, or a fake email address or emails purporting to be from the CBUAE. The Bank has two core missions: to maintain price stability and to promote the stability of the financial system. Economic Bulletin - December 2020. The new Law reinforces the role of the Central Bank to … Stored value facilities are channels through which users can store money digitally and be used to pay for goods and services. Banco de Portugal is the central bank of the Portuguese Republic. UAE, Saudi central banks issue report on joint digital currency, 'Aber' project. Facebook . Send to . These fraudulent materials use the CBUAE’s name, logo and address, as well as names of our staff and management from time to time – all without CBUAE’s permission. Some of these scams are attempts at identity theft, including fraudulent emails, faxes, including copies of our website. The Central Bank is the sole authority with the power to regulate existing and future digital payment mechanisms onshore in the UAE. Print this page . Besides, Central Bank of UAE also regulates all forex brokers, whereas SCA issues the licenses. The department functions include the issuing of licenses to banking institutions, setting banking standards and regulations, and monitoring compliance. If you would like to continue using our website after making such changes to such privacy policy, this means that you accept them. For instance, manufacturing companies - from the Ministry of Industry, banks and other financial institutions - from the Central Bank of the UAE, medical and pharmaceutical firms – from the Ministry of Healthcare. Cases of such violations shall be investigated and the persons involved shall be legally prosecuted. Central Bank of The UAE may take the appropriate measures to protect website against any loss, abuse or change of information available on the website on the condition that Central Bank of The UAE shall not guarantee to maintain confidentiality of the website contents. @cb-uae.ae,cbuae-ae.com). It is governed by Shari'a law and Federal Law No. The CBUAE is not a retail bank and we do not carry out transactions or hold funds for members of the public. 5.2 The Website title shall not collect personal information about you when accessing the Website unless you choose specifically and willingly to provide such information to us. 165/06/2004 dated 6 December 2004 regulate the business of conventional and Islamic finance companies. List of banks and other financial institutions licensed to conduct banking, financial, investment brokerage and money changing activities. 164/8/94 dated 18 April 1995. In case a natural person wants to conduct money-changing business, he must be an Emirati citizen of not less than 21 years of age. The Central Bank has issued the Regulatory Framework for Stored Values and Electronic Payment Systems on 1 January 2017 (‘Regulation’). This article takes into consideration laws and regulations by UAE Central Bank and does not take into account regulations by ADGM, DIFC, Fintech, etc. In May 2019, the Central Bank of Egypt ("CBE") enacted regulations governing payment service providers, following the recent trend of increased… Using the Website by any means for sending an e-mail, anything of it or on its behalf, by referring to it, or assuming the identity of its name involving offence or libel of Central Bank of The UAE, Website or any person whomsoever, announcing any untrue news or information and ascribing it to Central Bank of the UAE unlawfully. 6.3 Any dispute arising out of or in connection with the Terms and Conditions shall be subject to the jurisdiction of the competent courts in the UAE. This page covers the types of banks, finance companies and intermediaries licensed to operate in the UAE. Terms and conditions of privacy policy below shall be an integral part of conditions for using the website including its title and terms. 2.2 Unless otherwise stated, the Central Bank of the UAE owns the copyright and any other intellectual property rights in all material on this Website including text, graphics, images, files, links and sound. The Law does not apply to the financial free zones (i.e. Citizens and residents can open accounts in banks in the UAE. The Central Bank of Cyprus e-commerce site for numismatic items provides a regular and complete update of Cyprus’s numismatic issues. 4.2 It shall be permitted to have direct link with all pages hosted on this Website. The EPS Regulations apply to businesses providing digital payment services in the UAE. Distributed ledger technology would enable central banks to develop payment systems 2.5 Any unauthorized use, reproduction or printing of the information, materials and proprietary rights contained in this Website is strictly prohibited. However, CBUAE retains the right to impose any fees or expenses concerning the provision of its services and granting of any licenses and permits as it deems fit, in accordance with the nature and scope of the tasks, activities and controls determined by CBUAE’s board of directors. In recognition of this role, The Central Bank of The UAE provides the opportunity for all stakeholders including supervised entities, vendors, counterparties and the public to discreetly disclose wrongdoing by CBUAE Employees, Contractors, and Representatives in an environment free from the threat of retaliation. 6.1 The CBUAE reserves the right to make changes to the Terms and Conditions, this Website and its contents without prior notice. The Services Portal has been designed to assist you to participate in Central Bank services in a more convenient way. Pages of this Website shall be uploaded within the full window of the user or as a new one. UAE central bank launches fintech office . b) In the event that the Central Bank has not been satisfied on foot of the Assessment Phase such that it can issue a Notification of Assessment Letter under (a) above, the Central Bank will advise the applicant of this by letter. Jan. 2021. The UAE Central Bank on Monday downgraded the licence of some currency exchange houses and asked the residents not to send remittances … The Central Bank of the UAE (CBUAE) is responsible for the regulatory oversight of the UAE’s banking industry which includes the supervision of banks, investment banks, banking intermediaries, money exchanges and wealth management firms. If you do that, we shall use such details only to process your application for obtaining information or services. Granting licence to brokers and intermediaries dealing in local and foreign shares is the responsibility of the Securities and Commodities Authority. E-mails or letters are sent proposing various schemes such as offering loans, investment opportunities or participation in financial transactions, and / or requiring an advance payment in connection with a transaction supposedly to be made through the CBUAE. concerning monitoring and licensing of exchange businesses. 8 of 1984 and any subsequent amendments thereto. Central Bank of The UAE shall not be liable for any contents provided on these websites, their improper usage on the part of any person or proper function or any problems arising due to their usage. 2.4 You must not use the name or logo of the Central Bank of the UAE in any advertisement or public announcement or any form of documents or records or communication (whether verbal or written or electronic or otherwise) without the Central Bank’s prior written consent. Lara Abdul Malak. Central Bank of The UAE shall reserve the right to make any minor or major change of privacy policy Terms and Conditions from time to time without any prior notice. If you want to notify us of incidents or provide tips or have any questions about these matters you may choose to submit this confidential message by an email to. Moreover, the authorized staff may only access the personal identity information, where such staff pledged to maintain confidentiality of the information provided. As per the resolution, only those institutions and companies that are established as per provisions of the Commercial Companies' Law are licensed to change money as business. Trade License Renewal/Change As per the UAE Central Bank regulation, Banks are required to retain a copy of the Valid Trade License of all the Companies maintaining Accounts with them. 1800 22 1911 for blocking their accounts in case of lost debit card / unauthorized transaction through digital mode. Getting started with your Central Bank of the UAE Representative Office Licence. We do not contact individuals through, Facebook, Twitter, and other social media. 5.4 Central Bank of The UAE may take the appropriate measures to protect the Website against any loss, abuse or change of information available on the Website, in which case the Central Bank shall not be liable for any damage caused to the user or any other person as a result of disclosure of confidential information shared through the Website. Central Bank issued Regulations regarding the Licensing and Monitoring of Exchange Business (the Exchange Business Regulations) in January 2014, with the aim of improving … the Governor's Speech - In Arabic. Fraud and corruption can be averted and reputations protected if timely information is received and acted upon. Expatriate residents need to provide a copy of their passport, a copy of work or residence visa, a copy of their Emirates ID, a salary letter or a letter of NOC (No Objection) from the employer or sponsor. Hence, the business of moneychangers is big in the UAE. Jan. 2021 . The paid-up capital of a finance company should not be less than AED 35 million and national shareholding should not be less than 60 per cent of total paid-up capital, without prejudice to provisions of Federal Law No. 10 of 1980, investment banks cannot accept deposits whose maturities are less than two years, but may borrow from its head office, from local or foreign banks, or from financial markets. Twitter, and monitoring compliance Resolution, the intermediary should be a UAE in... Assured that information received will be held in confidence to the fullest extent practical allowed... Efficient and responsible big in the UAE, system or network shall expose the involved person civil! 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