CBUAE | Payment System Supervision

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Payment System Supervision

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.

PFMI Assessment