9.1 The licenced person shall fully abide by the following obligations:
That the total of his assets shall not, at any time, exceed ten times the paid up capital, and the capital shall not, at any time, be less than the limits approved in accordance with Article (4) (2) (a) of these Regulations.
That the management of the licensed person be conducted by such persons as have been previously approved by the Central Bank as per process. Any violation on the part of the person in charge of management who is an authorized signatory shall be considered a criminal offence if what he signed proved untrue or misleading, and his employment contract should contain an article to such effect.
That the licensed person's legal status, its ownership and capital or its premises shall not be altered without the prior written approval of the Central Bank.
That the licensed person shall not merge or amalgamate or enter into a joint venture with any person or entity, without the prior written approval of the Central Bank.
That exchange business shall only be conducted from premises approved by the Central Bank, and no other non-exchange activity of whatsoever nature is undertaken in the same premises.
That the trade name, for the licensed person, shall not include the word "Bank" "Financial Institution", "Investment / Commercial / Real Estate Company" or any other description that indicates activities other than exchange business.
That branches of the licensed person shall not be established without the prior written consent of the Central Bank and no permission for a new branch shall be granted unless the financial conditions of the licensed person are sound and the licensed person has not committed any violations.
That dealings between the licensed person and his customers shall be supported by official receipts for all exchange transactions and that notice should be posted in a prominent spot, advising customers of the necessity of obtaining receipts regarding all sales or purchases of foreign currencies or travellers cheques or remittances conducted through the licensed person, and that another notice posting rates applicable to foreign currency should be posted prominently.
That issuance of remittances should be in its name and signed by persons duly authorized by it.
That the entity should have in place electronic systems to support (SMS) service for all remittance transactions, whereby remitters and beneficiaries are notified.
That the licensed person shall not encumber any of its assets without the prior written approval of the Central Bank.
That any partner of the licensed person shall not withdraw any amount from the business in excess of his share of the net annual profit.
That shareholders, partners, directors, managers, or controllers of the licensed person may not borrow from or lend to the licensed person and they may not have current accounts or any other accounts with the licensed person.
That each licensed person must establish a Remittances Intermediate Account. Funds available in the Remittances Intermediate Account must only be used for settlement of remittances and not for any other purposes.
That the Remittances Intermediate Account, and any other accounts designated by the Central Bank, should be audited by the external auditor on monthly basis and results of the audit should be kept in a separate record.
That the licensed person shall provide, upon the Central Bank's request, all data, information or statistics, at any time and for any specified period and such information shall be identical to the records of the licensed person and it shall be regarded and treated as confidential information.
That the licensed person shall obtain the necessary local licences and commence its activities within six months of the date of issuance of the licence by the Central Bank under these Regulations and the Central Bank shall be provided with a copy of the licence issued by the local authorities as soon as it is obtained.
That an application for renewal of licence shall be made within a period of not less than two months before the expiry of the original licence or any renewal thereof.
That the licensed person shall at all times comply with all the laws in force in the U.A.E. including the Civil Law, Companies Law and Criminal Law, and in particular the provisions relating to counterfeit coins and bank notes for which any violation shall be duly reported to the authorities concerned.