The following terms shall have the meaning assigned to them below for the purposes of this Regulation:

1.1 Bank: Any juridical person licensed in accordance with the provisions of the Central Bank Law, to primarily, carry on the activity of taking deposits, and any other Licensed Financial Activities.

1.2 Board: The Board of Directors of the Restricted Licence Bank.

1.3 Central Bank: The Central Bank of the United Arab Emirates.

1.4 Central Bank Law: Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities, as amended from time to time.

1.5 High-Net-Worth Customer: A natural person:

1.5.1 whose net worth¹ is more than four million Dirham (AED 4,000,000) or equivalent, the calculation of which does not include the value of any property which is a primary residence, or any money raised through a loan secured on that property; and

1.5.2 whose liquid financial assets² total at least one million Dirham (AED 1,000,000) or equivalent.

1.6 Juridical Person: Any person who is not a natural person.

1.7 Licensed Financial Activities: The financial activities subject to Central Bank licensing and supervision, which are specified in Article (65) of the Central Bank Law.

1.8 Person: A natural or juridical person, as the case may be.

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

1.10 Restricted Licence Bank: Any Bank, which is licensed by the Central Bank in accordance with the provisions of the Central Bank Law, and subject to restrictions on its permitted Licensed Financial Activities as specified in this Regulation.

1.11 Retail Banking: the conduct of Licensed Financial Activities with natural persons.

1.12 Senior Management: Management of the Bank responsible and accountable to the Board for the sound and prudent day- to-day management of the Bank, generally including, but not limited to, the chief executive officer, chief financial officer, chief risk officer, and heads of the compliance and internal audit functions.

¹ Calculated using standard definition, that is, total assets minus total liabilities.
² Refers to cash or cash equivalents.