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Sunday 03 March 2024

Sunday 03 March 2024

CBUAE: "FATF" Announcement of UAE Completion of the Requirements is a Testament of Concerted National Efforts to Combat Money Laundering and Terrorism Financing

Press Release

Tuesday 06 February 2024

Tuesday 06 February 2024

CBUAE revokes the licence and registration of Smart and Secure Insurance Agent

Press Release

Monday 05 February 2024

Monday 05 February 2024

CBUAE launches the fifth cohort of the Executive Certificate for Risk-Based Supervision Professionals

Press Release

Wednesday 31 January 2024

Wednesday 31 January 2024

CBUAE Maintains the Base Rate at 5.40%

Press Release

Tuesday 30 January 2024

Tuesday 30 January 2024

CBUAE imposes a financial sanction of AED 1.2 million on an insurance company operating in the UAE

Press Release

Monday 29 January 2024

Monday 29 January 2024

Mansour bin Zayed witnesses UAE Central Bank's Golden Jubilee

Press Release

Tuesday 16 January 2024

Tuesday 16 January 2024

Summary Report - Monetary Banking Developments - November 2023

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Payment System Supervision

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Overview

Policies

Exchange Houses

Payment System Supervision Methodology
Payment systems are a vital part of the financial sector. Alongside establishing, developing and operating payment systems,

the Central Bank of the UAE encourages increased participation by FinTech companies by licensing non-CBUAE payment systems meeting the established requirements, and supervising their compliance, risk controls and service delivery.

Related links

Supervision

Bank Guidelines

Insurance Guidelines

Policies

The CBUAE identifies and mitigates any vulnerabilities that could potentially expose high payment system risk or general systemic risk to the country’s financial management infrastructure  

The CBUAE has adopted the Principles for Financial Market Infrastructures issued by the Committee on Payment and Settlement Systems (CPSS) and the International Organisation of Securities Commissions (IOSCO) for its oversight framework. The CBUAE primarily distinguishes between Designated (i.e., Systemically Important Systems) and non-Designated Financial Market Infrastructures, depending on their systemic importance.  

Exchange Houses

The Central Bank of the UAE regulates Exchange Houses through the provisions of ‘The Standards for the Regulations Regarding Licensing and Monitoring of Exchange Business (the Standards)’.

These standards set the baseline requirements for all Exchange Houses currently operating in the UAE, which must be maintained to continue their business in a fully compliant manner.

Payment System Supervision Methodology

The process of identification and mitigation of any vulnerabilities that could potentially increase payment system risk or general systemic risk is outlined below.

 

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Last updated on: Friday 05 August 2022

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