Regulatory Alerts2021-06-06
Retail Payment Services and Card Schemes Regulation
The Central Bank of the United Arab Emirates issued this regulation to establish the licensing regime and ongoing supervision for providers of retail payment services and card schemes. The document defines nine categories of digital payment services, sets out capital and operational requirements for licensees, and mandates compliance with anti-money laundering and technology security standards. It further regulates contractual arrangements between service providers, access to the Wages Protection System, and the Central Bank's authority to oversee fees and enforce sanctions.
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