General Requirements

1. 2.1.5.1Licensed Financial Institutions that offer remittance, transfer and foreign exchange products and/or services must comply with the requirements in Section 2.1.1 of this Article as applicable, in addition to complying with the requirements of this Section.
2. 2.1.5.2Licensed Financial Institutions must provide to Consumers clear information about all applicable Fees imposed on any services and the applicable buy and sell exchange rate. Where available, the Licensed Financial Institution should endeavor to disclose the Fees imposed by the correspondent bank or financial institution or the disbursing remittance service provider. Where Fees are not available, the Licensed Financial Institution should endeavor to provide an estimate or range and provide a disclaimer that states that the transfer may be subject to additional charges.
3. 2.1.5.3Licensed Financial Institutions must prominently display the following at all public locations where consumers are served, during working hours and in a prominent place of the Licensed Institution’s premises clearly visible to Consumers:
   1. a.Buy and sell rates for money exchanged against the local currency (i.e. AED) for all major foreign currencies that the Licensed Financial Institution deals and posted under the headings “we buy” and “we sell”; and
   2. b.Buy rates for remittances in major foreign currencies that the Licensed Financial Institution deals in against the local currency.

Pre-Transaction

1. 2.1.5.4Licensed Financial Institutions who carry on money changing and / or other foreign exchange activities must disclose the exchange rate, the difference between the buy and sell rate on a transaction and the Fees imposed by the Licensed Financial Institution for transactions prior to providing the money exchange, remittance, transfer and foreign exchange product and/or service. The exchange rate, the difference between the buy and sell rate on a transaction and Fees must be shown separately to the Consumer.
2. 2.1.5.5Licensed Financial Institutions who carry on remittance activities, must, where possible, disclose to Consumers the following prior to undertaking any remittance transaction:
   1. a.The information set out in Clause 2.1.5.4;
   2. b.The amount in the currency that is expected to be paid to the beneficiary with a warning box that the amount may be subject to additional costs;
   3. c.The Fees imposed by the correspondent bank or financial institution, if known;
   4. d.A clear warning that there may be additional and significant costs charged by the receiving entities should there be Errors / omissions in the remittance information provided by the Consumer causing a rejection of, or delays in the transfer;
   5. e.The estimated time for the funds to be transferred to the beneficiary with a warning box that the time taken to transfer funds can be delayed;
   6. f.The name of the correspondent bank or financial institution, contact information and location where the funds will be available for collection by the beneficiary; and
   7. g.Clear information on procedures for the cancellation of transactions by Consumers which must include the period of time within which the cancellation request can be made by a Consumer, the fact that exchange rate used for the refund of money paid by the Consumer may differ from the original rate used for the transfer, and any costs which could be incurred for the cancellation caused by the Consumer.

Post Transaction

1. 2.1.5.6Licensed Financial Institutions must include the following information in a receipt issued to its Consumers:
   1. a.Licensed Financial Institutions who carry on money changing or wholesale currency activities:
      1. i.The legal name and contact details (address, phone and email address of the branch) of the Institution;
      2. ii.The date and time of the transaction;
      3. iii.The remittance, transfer and foreign exchange product name;
      4. iv.The serial number for the receipt;
      5. v.The amount paid and the type of currencies tendered by the Consumer;
      6. vi.The amount and the type of currencies issued to the Consumer;
      7. vii.The rate of exchange applied and the buy and sell rate;
      8. viii.The transaction Fees for services rendered to the Consumer including where possible charges that maybe levied by correspondent banks or financial institutions or agents;
      9. ix.Terms and conditions and additional Consumer information as prescribed by the Central Bank; and
      10. x.Information on how to file a Complaint with the Licensed Financial Institution which includes, at minimum, the contact details of the Licensed Financial Institution’s Complaint function, channels for lodging Complaints (e.g. by email, phone, fax etc.) and response time to address Complaints.
   2. b.Licensed Financial Institutions who carry on remittance activities:
      1. i.Requirements outlined in sub-clause a.;
      2. ii.The name of the sender;
      3. iii.The name of the beneficiary;
      4. iv.The beneficiary bank account details (account number and branch name);
      5. v.The destination country;
      6. vi.The amount paid of funds to be remitted in AED and its equivalent in foreign currency to be received by the beneficiary;
      7. vii.Where the correspondent institution is not a bank, the name of the correspondent institution or the name of the instant money transfer service provider through which the remittance is routed, contact information and location, where known; and
      8. viii.Information on how to file a Complaint with the Licensed Financial Institution which includes, at minimum, the contact details of the Licensed Financial Institution’s Complaint function, channels for lodging Complaints (e.g. by email, phone, fax etc.) and response time to address Complaints.