The Central Bank has the mandate to prepare and publish the statistics of the balance of payments for the UAE in line with international standards. To assist the Central Bank in the compilation of the balance of payments and enhance the quality of the information of all Card Transactions, particularly in relation to travel services, the information must be reported on a transaction by transaction basis.
Under Notice No. CBUAE/BSD/- N/2018/758 dated 23 May 2018, the Licensed Financial Institutions are required to notify the Central Bank of all Card Transactions conducted at:
a. ATM/CDM/KIOSKs
i. where the transaction is for the customer of the bank owning the terminal and/or
ii.the transaction is not routed to the issuer via the UAE SWITCH to the issuer for authorization
b. Point of Sale terminals:
i. where the transaction is for the customer of the bank owning the terminal and/or
ii. the transaction is routed to the issuer via the schemes to the issuer for authorization
Licensed Financial tostitutions are required to upload the files of NON-UAE SWITCH and point of sale transactions on a daily basis even if there are no transactions to report.
Licensed Financial Institutions are required to use format and variables for each of the files at paragraph 2 (a & b) of this Article following technical details provided in the Document Code U.FS-AUX884- Version 2017-001 UAE Funds Transfer System NON-UAE SWITCH Transaction Details Upload.
In addition to allowing the Central Bank to identify the issuing countries and the usage countries on Card Transactions, the Central Bank issued Notice No. CBUAE/BSD/N/2019/2900 dated 18 July 2019, requiring Licensed Financial Institutions to:
a. provide CARD BINS information to the Central Bank of all Card Transactions issued in the UAE;
b. provide Customer Account Details for all Card Transactions issued by banks in the UAE; and
c. report data on Card Transactions conducted through e-commerce (online transactions).
Failure to provide the required information aforementioned in accordance with the Central Bank’s Notices and the Document Code mentioned in this Article, is a violation and will result in a fine of AED 1,000 for each violation.