This Regulation applies to all Banks, including branches of foreign banks, licensed by the Central Bank to operate as Restricted Licence Banks in the United Arab Emirates.

Restricted Licence Bank is defined in Article (1) of this Regulation and refers to Banks, which by virtue of the restrictions placed on their licences, are not permitted to on-board natural persons as customers for the purpose of conducting Licensed Financial Activities; and/or to conduct any Licensed Financial Activities with or on behalf of natural persons. Additionally, when establishing a banking relationship with a customer Restricted Licence Banks are prohibited from opening accounts, or providing facilities, of any kind, in any amount less than one million Dirham (AED 1,000,000) or equivalent.

The branches of a Restricted Licence Bank operating in the United Arab Emirates shall be considered as a single Restricted Licence Bank for the purposes of application of the provisions hereof.