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:

1. A.Licensing and Continuing Obligations;
2. B.Management and Governance;
3. C.Risk Management and Security;
4. D.Anti-Money Laundering Compliance;
5. E.Customer Protection;
6. F.Appendices; and
7. 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 accordingly, is responsible to ensure the availability of adequate Policies, Procedures, Processes, Systems, Controls and Human Resources to run their business in compliance with all applicable Laws, Rules, Regulations, Notices and the Standards.

Any clarification or interpretation of the Standards may be sought from the Central Bank whose interpretation shall be final and binding on all Exchange Houses.

Exchange Houses may email all their queries regarding the Standards to: info.ehs@cbuae.gov.ae.

Complaints/grievances against employees/Examiners of the Central Bank of the UAE may be written to the Head of Examinations, Banking Supervision Department. Any information provided by the Licensed Person in this manner will be held confidential. The Central Bank may contact the Licensed Person if it is deemed necessary to collect further information as part of such investigations.