Requirements
Minimum threshold
Authorisation Fee (paid once)
15000 USD
*According toAIFC Fees Rules5.1.1., the application may not be regarded by the AFSA as submitted, and therefore ready to be reviewed, until the fee has been paid in full.
Therefore, when the application is ready for submission, please send us a completed request for invoice (please follow the link to download the form) and after that we will issue the invoice for payment. If the payment to be made by a natural person, then please provide a copy of his/her ID as well.
In accordance with the AIFC Fees Rules 1.1-1. an applicant seeking to conduct Regulated Activities in relation to Digital Assets, must pay to the AFSA an additional application fee in the amount of 2 000 USD.
Registration Fee (paid once)
Registration fee is 300 USD (paid once) if you apply via the self-service portal and 500 USD (paid once) if you apply on paper via [emailprotected].
Supervision Fee (annually)
10000 USD
Minimum Capital Requirement
An Accepting Deposits Firm’s total Regulatory Capital is the sum of its Tier 1 Capital and Tier 2 Capital.
The Base Capital Requirement for a Bank is 10 million USD.
*In accordance with the modification notice issued by AFSA (AFSA Notice № AFSA-Q-OA-2020-0029) the Base capital requirement for an Islamic Bank is defined as 5 million USD. The notice remains effective until 1 November 2023.
Liquid Assets Requirement
Appointment of Internal and External Auditor
Required
Organisational structure
- Appointment of a Board of Directors;
- Appointment of approved and designated individuals (SEO, Finance Officer, Compliance Officer, MLRO and a deputy MLRO, Risk Manager, Internal Audit Manager);
- Appointment of committees within the company (Risk Committee, Compliance Committee etc.);
Policies and Procedures
- AML Policy
- Compliance Manual
- Compliance Monitoring Program
- Risk Management Policy
- Remuneration Policy (AIFC GEN Rules 5.3.7.)
- Outsourcing Policy (AIFC GEN Rules 5.2.)
- Business Continuity Plan/Disaster Recovery Plan (AIFC GEN Rules 5.8.4.)
- Conflict of Interest (AIFC GEN Rules 5.6.)
- Credit Risk Management Policy (AIFC Banking Business Prudential Rules 9.)
- Market Risk Management Policy
- Operational Risk Management Policy
- Interest Rate Risk Management Policy
- Concentration Risk Policy
- Large Exposure Policy
- Trading Book policy
- Interest Rate Risk in the Banking Book Management Policy
- Liquidity Risk Management Policy
- Bank’s Group Risk Management Policy
- Disclosure Policy
- *Under AIFC Banking Business Prudential Rules 1.5, an Authorised Firm is a Bank if it is authorised to conduct the Regulated Activity of Accepting Deposits and/or Opening and Operating Bank Accounts.
- *By clicking here you can find guides to the minimum requirements for some policies and procedures.
*Under AIFC Financial Services Framework Regulations 31 (5), the AFSA may require the applicant to provide additional information reasonably required for the AFSA to be able to decide the application.
