CBUAE Standards for the Regulations Regarding Licensing and Monitoring of Exchange Business

(“the Standards”)

Version 1.20

(November 2021)

Preface

Pursuant to Article 11 of the amendments to notice number 01/2014, the Central Bank of the UAE is issuing “The Standards for the Regulations Regarding Licensing and Monitoring of Exchange Business (the Standards)”. The Standards set the baseline requirements for Exchange Houses currently operating in the UAE, including new entrants, which must be maintained to continue their business in a fully compliant manner.

The Standards include the following sections:

• A. Licensing and Continuing Obligations;
• B. Management and Governance;
• C. Risk Management and Security;
• D. Anti-Money Laundering Compliance;
• E. Customer Protection;
• F. Appendices; and
• G. Version Control Table.

Exchange Houses, operating in the UAE, are required to comply with all requirements of the Standards at all times. Non-compliance charges will be levied on Exchange Houses for violations in accordance with Appendix 4 of the Standards.

Board of Directors (or the Owner/Partners where there is no Board of Directors) of Exchange Houses is in ultimate control of their business and ...