Beneficial Owner: The ‘Natural Person’ who ultimately owns or exercises effective control, directly or indirectly, over a customer or the natural person on whose behalf a transaction is being conducted, or the natural person who exercises effective ultimate control over a legal person or legal arrangement.

Exchange Business: Shall mean: (1) Dealing in sale and purchase of foreign currencies and travelers cheques; (2) Executing remittance operations in local and foreign currencies; (3) Payment of wages through establishing a link to the operating system of “wages protection system” (WPS); and (4) Other business licensed by the CBUAE.

Exchange House: A juridical person licensed in accordance with the provisions of Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities to carry on money exchange activity, and conduct funds transfers within and outside the UAE, and any other businesses determined by the CBUAE.

Politically Exposed Person (PEP): natural persons who are or have been entrusted with a prominent public function in the UAE or any other foreign country such as heads of states or governments, senior politicians, senior government officials, judicial or military officials, senior executive managers of state-owned corporations, and senior officials of political parties, and persons who are, or have previously been, entrusted with the management of an international organization or any prominent function within such an organization; and the definition also includes the following:

Instant Money Transfer Service Provider: A money remitting institution licensed and regulated by an appropriate Regulator in its home country who will have the necessary proprietary software applications and infrastructure to transfer funds instantly from an agent in one country to an agent in another country and/or domestically.

Legal person: Any entities other than natural persons that can establish in their own right a permanent customer relationship with a financial institution or otherwise own property. This can include companies, bodies corporate, foundations, partnerships, or associations, along with similar entities.

Legal arrangement: A relationship established by means of a contract between two or more parties which does not result in the creation of a legal personality. Examples include trusts or other similar arrangements. Many legal arrangements allow for ownership, control, and enjoyment of funds to be divided between at least two different persons.

Licensed Exchange House (LEH): An Exchange House licensed by the CBUAE.

Source of funds: How the money, involved in the transaction, was originally derived or earned. Examples of source of funds are: salary, wages, inheritance, gratuity, end of service benefits, bank loan, income from businesses, sale of property, sale of land, sale of investments, etc. For verification of the source of funds, documents include but are not limited to salary slip, labor contract, court order, bank statements, etc.