Skip to main content
Entire section Custom print Text Only Rich Text Print

Article 4: On-Going Obligations of Registered Hawala Providers

4-1 A Registered Hawala Provider should strictly abide by the following:

  1. Its commercial name should not include any financial activity term, such as bank, exchange house or any other licensed activity by the Central Bank (for juridical persons);
     
  2. Manage his business personally and never assign such task to another person;
     
  3. Not to change his address, place of residence/business, sponsor or commercial activity without obtaining the Central Bank’s approval;
     
  4. Carry out his activity in suitable premises that enables the Central Bank's staff to visit and examine his records;
     
  5. Upload electronically to the Central Bank the details of all transfers, remitters and beneficiaries in the Central Bank's prescribed systems on a daily basis;
     
  6. Receive all applications for money value transfers as per official vouchers for each transaction. Such vouchers should be appropriately stored;
     
  7. Verify identities of remitters and beneficiaries using Emirates ID or passports;
     
  8. Deposit funds received from its customers in the account designated for settlement;
     
  9. Submit to the Central Bank statements of his settlement account on a quarterly basis along with other required forms;
     
  10. Provide the Central Bank with any data, information or statistics it may require at any time and for any specific period. Such data and information shall be regarded as confidential and shall be treated accordingly. A Registered Hawala Provider may not disclose such information except in accordance with the law;
     
  11. A Registered Hawala Provider must exercise due diligence when approving an agent and provide the Central Bank a current list of its agents and the countries in which they operate;
     
  12. Submit to the Central Bank an application for renewal of the Hawala Provider Certificate within a period not less than two months from the date of expiry of the original certificate or any renewals thereof; and
     
  13. Abide, alike with its customers and agents, by all UAE laws, including civil laws, Commercial Companies’ Law, federal laws on AML/CFT, and Central Bank Regulations particularly with regard to notifying the competent authorities of any violation thereof.