Skip to main content
Back Custom print Text Only Rich Text Print

  • Section 1

    • Article (2) Activities and Transactions of Financial Institutions and DNFBPs

      The following shall be considered as Financial Activities and Operations:

      1- Receipt of deposits and other payable funds by the public, including Shariah-compliant deposits.

      2- Provision of private banking services.

      3- Provision of credit facilities of all types.

      4- Provision of Financing facilities of all types, including Shariah-complaint Financing facilities.

      5- Provision of monetary intermediary services.

      6- Financial transactions in securities, financing and financial leasing.

      7- Provision of exchange and money transfer services.

      8- Issuance and management of means of payment, guarantees or obligations.

      9- Provision of stored values services, retail e-payments and digital cash services.

      10- Provision of virtual banking services.

      11- Trading in, investment, operation or management of funds, options and future financial contracts, exchange rate and interest rate operations, and other financial derivatives or negotiable instruments.

      12- Participation in issuing securities and providing of financial services related to these issues

      13- Management of funds and portfolios of all kinds

      14- Custody of Funds

      15- Preparing or marketing financial activities.

      16- Direct insurance operations, reinsurance operations for the type and branches of personal insurance, and money making operations in insurance companies, insurance brokers and agents.

      17- Any other financial activity or transaction specified by the Supervisory Authority.

      This article has been amended by Cabinet Resolution No. (24) of 2022. You are viewing the latest version. To view the previous version, click the version box below.
      Version 1(effective from 10/02/2019 to 01/04/2022)

       

      The following are considered financial activities and transactions:

      1. Receiving deposits and other funds that can be paid by the public, including deposits in accordance with Islamic Sharia
         
      2. Providing private banking services
         
      3. Providing credit facilities of all types
         
      4. Providing credit facilities of all types, including credit facilities in accordance with Islamic Sharia
         
      5. Providing cash brokerage services
         
      6. Financial transactions in securities, finance and financial leasing
         
      7. Providing currency exchange and money transfer services
         
      8. Issuing and managing means of payment, guarantees or obligations
         
      9. Providing stored value services, electronic payments for retail and digital cash.
         
      10. Providing virtual banking services
         
      11. Trading, investing, operating or managing funds, option contracts, future contracts, exchange rate and interest rate transactions, other derivatives or negotiable financial instruments
         
      12. Participating in issuing securities and providing financial services related to these issues
         
      13. Managing funds and portfolios of all kinds
         
      14. Saving funds
         
      15. Preparing or marketing financial activities
         
      16. Insurance transactions, in accordance with Federal Law No. (6) of 2007 concerning the Establishment of the Insurance Authority and the Organisation of its Operations
         
      17. Any other activity or financial transaction determined by the Supervisory Authority

       

    • Article (3)

      Anyone who is engaged in the following trade or business activities shall be considered a DNFBP:
       

      1. Brokers and real estate agents when they conclude operations for the benefit of their Customers with respect to the purchase and sale of real estate
         
      2. Dealers in precious metals and precious stones in carrying out any single monetary transaction or several transactions that appear to be interrelated or equal to more than AED 55,000.
         
      3. Lawyers, notaries, and other independent legal professionals and independent accountants, when preparing, conducting or executing financial transactions for their Customers in respect of the following activities:
         
        1. Purchase and sale of real estate.
           
        2. Management of funds owned by the Customer.
           
        3. Management of bank accounts, saving accounts or securities accounts.
           
        4. Organising contributions for the establishment, operation or management of companies.
           
        5. Creating, operating or managing legal persons or Legal Arrangements.
           
        6. Selling and buying commercial entities.

         
      4. Providers of corporate services and trusts upon performing or executing a transaction on the behalf of their Customers in respect of the following activities:
         
        1. Acting as an agent in the creation or establishment of legal persons;
           
        2. Working as or equipping another person to serve as director or secretary of a company, as a partner or in a similar position in a legal person.
           
        3. Providing a registered office, work address, residence, correspondence address or administrative address of a legal person or Legal Arrangement.
           
        4. Performing work or equipping another person to act as a trustee for a direct Trust or to perform a similar function in favour of another form of Legal Arrangement.
           
        5. Working or equipping another person to act as a nominal shareholder in favour of another person.

         
      5. Other professions and activities which shall be determined by a decision of the Minister