UAE: Central Bank Issues Retail Payment Services & Card Regulations

Al Bayan, 18 July 2021: The UAE’s Central Bank has issued new retail payment service and card Regulations.

The new Regulations state providers of payment services will have to have specific licenses.

Payment service providers will be given a year to comply and receive the relevant license from the Central Bank.

For full story see: https://www.albayan.ae/economy/uae/2021-07-18-1.4209593.

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UAE: Digital Currency to be Launched

Gulf News (United Arab Emirates), 12 July 2021: The UAE’s Central Bank has announced it plans to launch a digital currency.

The announcement is contained in the Banks’ priorities for 2023 to 2026.

It is part of the Bank’s aim to be among the world’s Top 10 central banks.

They will also focus on including driving digital transformation in the UAE’s financial services sector by utilising the latest Artificial Intelligence and big data solutions. Technology will also be used across inspection, monitoring and insurance systems as well as the UAE Pass system utilised to boost financial inclusion and provide easy access to financial services.

They will also focus on supporting the UAE’s green economy efforts and continue work to developing an innovative financial infrastructure to boost the UAE’s competitiveness in this area.

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UAE: National Scheme for Programmers Launched

Alroeya, 10 July 2021: Dubai’s Ruler has announced a National Scheme for Programmers has been launched.

It has been launched together with large technology companies including Google, Microsoft and Amazon.

The aim of the programme is to attract and train 100,000 programmers and establish 1,000 digital companies within five years.

Golden permits will also be issued to them.

For full story, click here.

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UAE: Dubai International Finance Centre Enacts News Intellectual Property Regulations

Gulf News (United Arab Emirates), 6 July 2021: The Dubai International Financial Centre has announced it has enacted new Intellectual Property Regulations.

They came into force on 5 July.

They provide clarity on the powers and functions of the Commissioner of Intellectual Property. They also outline the process for filing intellectual property infringement complaints, inspections and investigations in connection with violations of the Intellectual Property Law.

In addition, they cover the issuing of directions by the Commissioner, along with the specifics which must be contained in the directions.

A Register of Experts is also going to be established and the Commissioner may appoint them to assist in investigating complaints.

Finally, the Commissioner will be able to cooperate with Federal and local authorities to protect intellectual property rights across each of their respective jurisdictions.

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UAE: Written Warnings Issued to Establishments Violating Real Beneficiary Decision

Emaratalyoum, 2 July 2021: The UAE’s Economy Ministry together with the relevant licensing authorities in the country have started implementing the first phase of administrative penalties under Cabinet Decision No. 58/2020.

These involve written warnings being issued to establishments who violate the Decision on the regulation of the procedures for real beneficiaries.

Affected entities had to comply with the Decision by 1 July.

The second phase of the Decision being implemented will start on 8 July and will see entities who fail to comply with the Decision fined in line with Cabinet Decision No. 53/2021.

For full story see https://www.emaratalyoum.com/business/local/2021-07-02-1.1509506.

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UAE: New Working Permits to be Issued with Golden Residency Holders

Alroeya, 1 July 2021: The UAE’s Human Resources and Emiratisation Ministry has announced it will issue working permits to golden residency holders.

The new work permit covers three categories.

These are unemployed people, people who want to renew their existing working permit and people who want to work for a different employer.

It has been issued as part of a Cabinet Decision which allowed work permits to be issued to Golden Residency holders.

The same rules and procedures related to the issuing of work permits and contracts apply to dependents registered on their parents’ residency, if they are applying for work and are Golden Visa holders.

Work permits and contracts concluded between employers and workers who receive the Golden Residency will remain valid, and subject to all applicable UAE legislations.

Prescribed fees and applicable fees for work permits for those outside the country, as well as fees for renewing and amending work permits and contracts, will also apply to Golden Residency holders.

For full story, click here.

Additional reporting from the Emirates News Agency on 1 July 2021.

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Sharjah: Human Resources Law for Civilians Approved

Sharjah’s Ruler has issued Sharjah Law No. 3/2021 on human resources for civilians in statutory bodies in the Emirate.

Among other things, there are provisions on human resources affairs for civilians in terms of filling jobs, appointments and conditions, training, promotions and their mechanisms and job duties and prohibitions.

It will apply to the Sharjah Police General Command, Sharjah Police Science Academy, The General Directorate of Civil Defence and any other entity added to this list of entities by an Executive Council Decision.

It will apply to the civil servants of the statutory body in line with the budget allocated to them by the Government. Non-citizen employees of the statutory body will be subject to the contracts concluded with them in line with the approved forms and the provisions which apply to them in this law and regulation.

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UAE: Guidance on Anti-money Laundering and Terrorist Financing Issued

The UAE’s Central Bank has issued guidance on anti-money laundering and terrorist financing for its Licensed Financial Institutions who provide services to the real estate, precious metals and stones sectors. It came into force on 20 June.

It will help understand and mitigate risks as well as ensure Licensed Financial Institutions fulfil their statutory obligations under Federal Decree-Law No. 20/2018 and Cabinet Decision No. 10/2019.

They should take the standards issued by the Financial Action Task Force into account as well.

Under the guidance, Licensed Financial Institutions have to perform appropriate customer due diligence in all customer dealings and report any behaviour they reasonably suspect may be linked to money laundering, terrorist financing or a criminal offence by submitting suspicious activity reports to the UAE’s Financial Intelligence Unit directly. They should do so through the goAM portal.

They should assess the associated money laundering and terrorist financing risks and develop an effective programme which encompasses a competent compliance officer and provide training for their employees on these risks.

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