3.1 A Restricted Licence Bank may carry on all Licensed Financial Activities, subject to the restrictions specified in Articles (3.2), (3.3) and (3.4) of this Regulation.

3.2 Restricted Licence Banks are not permitted to carry on Retail Banking activities, that is, they are not permitted to undertake any Licensed Financial Activities with or on behalf of natural persons.

3.3 A Restricted Licence Bank is not permitted to establish a banking relationship with a customer in any amount less than one million Dirham (AED 1,000,000), or equivalent. That is, a Restricted Licence Bank cannot accept an initial deposit of any type or provide an initial credit or funding facility to a customer in any amount less than one million Dirham (AED 1,000,000) or equivalent.

3.4 In certain circumstances, the Central Bank may, in its sole discretion, grant approval to a Restricted Licence Bank to conduct Licenced Financial Activities with a category of natural persons, subject to the imposition of certain controls and conditions on its licence. In all cases, these natural persons must be assessed by the Bank as High Net Worth Customers, that is, at a minimum, in compliance with the criteria stipulated in the definition per Article (1.6) of this Regulation.