Central Bank of the UAEchapter by chapter

Article 2-1

Any resident individual or company conducting hawala activity in the UAE must hold a Hawala Provider Certificate issued by the Central Bank.

Article 2-2

Hawala provider applicants must file a Central Bank form with activity details, identity documents, and undertakings to guarantee transfers, maintain a UAE settlement account, and install security systems.

Article 2-3 (conditions)

A hawala provider certificate is granted only to applicants who commit to electronic remittance reporting, are UAE-resident non-UAE nationals of good conduct, and have adequate education and experience.

Article 3-3

Hawala Provider Certificates are valid for one year, renewable for similar periods, and may be subject to terms and conditions set by the Central Bank.

Article 4-1(1)-(4)

A registered hawala provider must personally manage its business, avoid bank-type trade names, obtain Central Bank approval for address or sponsor changes, and allow examinations.

Article 4-1(5)-(7)

Registered Hawala Providers must daily upload all transfer, remitter and beneficiary details to Central Bank systems, use official vouchers per transfer, and verify identities via Emirates ID or passports.

Article 4-1(8)-(9)

Registered Hawala Providers must deposit customer funds into the designated settlement account and submit settlement account statements and required forms to the Central Bank every quarter.

Article 4-1(10)-(11)

Registered Hawala Providers must provide data to the Central Bank, conduct due diligence on agents, and maintain an updated agent list.

Article 4-1(12)

A Registered Hawala Provider must apply to renew its Certificate at least two months before the original Certificate or any renewal expires.

Article 4-1(13)

Registered Hawala Providers must, with customers and agents, comply with all UAE laws including AML/CFT laws and Central Bank Regulations, notifying authorities of violations.

Article 5-1

Registered Hawala Providers must strictly comply with the federal AML/CFT law, its executive regulations, and Central Bank AML/CFT regulations and directions.

Article 5-2

Registered Hawala Providers may be guided by FATF Standards and must abide by Central Bank guidance on AML/CFT and proliferation financing.

Article 6-1

The Central Bank may examine the business of Hawala providers, their agents and customers at any time it considers appropriate.

Article 4-1(6)-ret

Registered hawala providers must retain official transfer vouchers for each money value transfer application, from the transaction date, under AML/CFT minimum record-keeping rules.