The following terms and phrases shall have the definitions assigned to them for the purpose of this Regulation:

Central Bank: The Central Bank of the United Arab Emirates;

Central Bank Law: Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities;

Hawala Activity: The arrangements for transfer and receipt of funds or equivalent value and settlement through trade and cash;

Hawala Provider Certificate: The certificate issued by the Central Bank for carrying on Hawala activity in the U.A.E;

Juridical Person: A juridical person in accordance with Article 92 of Federal Law No. 5 of 1985 Concerning the Issuance of the Civil Transactions Law as amended. For the purpose of this Regulation, this definition only refers to Juridical Persons in the UAE;

Registered Hawala Provider: Any natural person holding a valid residency visa or Juridical Person, who is registered in the Central Bank’s Hawala Providers Register in accordance with the provisions of this Regulation, including its agents or a network of agents;

Registered Hawala Provider’s Agent: Any natural or Juridical Person carrying out activity on behalf of a Registered Hawala Provider, whether by contract with or under the direction of the Registered Hawala Provider; and

Regulations: Any resolution, regulation, circular, rule, instruction, Standard or notice issued by the Central Bank.

The terms mentioned in the Central Bank Law shall bear the same meanings ascribed thereto in the said Law when used in this Regulation, unless a definition otherwise is stated herein.