Security is an important aspect of Exchange Business and Licensed Persons must comply with below security standards at a minimum. Depending upon the nature, size and complexity of the business and the level of risk, the Licensed Person must introduce additional security measures wherever necessary. Further, the Licensed Person must ensure that it complies with all security requirements of the police or other competent authorities in the respective Emirate.

1. 13.1.1The main door of the licensed premises must be well protected by appropriate metal shutters during closing hours;
2. 13.1.2Where there are difficulties to use metal shutters as required under Paragraph 13.1.1 of this Chapter due to unavoidable leasing conditions (example: licensed premises inside an Airport or a Shopping Mall), the Licensed Person must introduce appropriate additional security measures to protect its assets; and
3. 13.1.3Other external doors of the licensed premises must be protected with metal shutters.

1. 13.2.1Panic alarm systems and intrusion detection systems must be in place;
2. 13.2.2Both panic alarm and intrusion detection systems must comply with all requirements of the police or any other competent authorities of the respective Emirate, at a minimum;
3. 13.2.3Kick bars and/or hold up buttons for the panic alarm systems must be available throughout the cashier/teller areas, office room of the Manager in Charge and other back offices;
4. 13.2.4Panic alarm systems and intrusion detection systems must be tested at regular intervals, at least once in a year; and
5. 13.2.5The panic alarm systems and intrusion detection systems must be under an Annual Maintenance Contract from a recognised service provider in the respective Emirate.

1. 13.3.1Cash, other than the amount required by tellers during working hours, must be held in the Safe/Vault;
2. 13.3.2The Safe/Vault must be firmly secured on a solid floor;
3. 13.3.3The Safe/Vault must always be kept out of sight of customers or general public;
4. 13.3.4The Safe/Vault must be held/operated under joint custody of two people (i.e. under dual control) at all times, preferably, with one key and a code/biometric lock;
5. 13.3.5Cash movements outside the licensed premises must be carried out through an approved Cash In Transit (CIT) agent;
6. 13.3.6Customers, strangers or other outside parties must not be given access inside the teller areas, cash room where the banknotes are sorted/counted, Safe/Vault room and other back offices, etc. without having an appropriate justification; and
7. 13.3.7Appropriate registers must be maintained to log the details of visitors who access teller areas, the cash room, Safe/Vault room and back offices.

1. 13.4.1Licensed premises must be under CCTV monitoring at all times. The CCTV system and cameras must meet requirements of the police or other competent authorities of the respective Emirate;
2. 13.4.2CCTV recordings of immediately preceding ninety (90) calendar days must be available in the system, at a minimum. If the police or other competent authorities of the respective Emirate require more than ninety (90) calendar days of CCTV recordings, then the Licensed Person must comply with such requirements;
3. 13.4.3CCTV cameras must cover, at a minimum:
   1. a)All entrances and exits;
   2. b)Customer service areas, such as reception, service counter, visitors’ sitting area, etc.;
   3. c)Cashier areas or cash room where the banknotes are sorted, counted and packed; and
   4. d)Safe/Vault area.
4. 13.4.4A notice that “Premises Under Continuous CCTV Monitoring” must be displayed outside the licensed premises (i.e. on or closer to the main entrance) in addition to the customer service area;
5. 13.4.5The CCTV system must be checked daily to confirm that it is properly recording before the opening as well as the closing of business hours and the results of such checks must be logged in a separate register; and
6. 13.4.6The CCTV system must be under an Annual Maintenance Contract from a recognised service provider of the respective Emirate.

1. 13.5.1The Licensed Person must at all times be fully covered by a valid insurance policy issued by an insurance company licensed within the UAE. The following insurance cover must be available, at a minimum:
   1. a)Various risks related to internal and external frauds (i.e. Bankers Blanket Bond Insurance/Crime Insurance). Employees infidelity/dishonesty, counterfeit incidents, theft and allied risks must be adequately covered including the cash in the Safe/Vault, cash with the teller and cash in transit;
   2. b)Electronic/Computer Crimes (ECC) and Cyber Crimes;
   3. c)Electronic Equipment;
   4. d)Fire, theft and other allied risks; and
   5. e)Third party liabilities.

1. 13.6.1The Licensed Person must set branch wise daily limits for the total value of remittances that can be executed via an instant money transfer service provider;
2. 13.6.2Such daily limits must be set in each instant money transfer application/system based on the expected daily activity of each branch of the Licensed Person;
3. 13.6.3There must be a written procedure to increase such daily limits to meet the growing business requirements of each branch by introducing an escalation process seeking the approval of the Manager in Charge in such occasions;
4. 13.6.4The daily limits must be reviewed on a regular basis to ensure that such limits are not disproportionately higher than the expected daily activity of each branch; and
5. 13.6.5Internal Auditor must verify and confirm that the set daily limits are appropriate to the size of the business of each branch of the Licensed Person.