Banking

Providing Money Services includes, without limitation:

a) providing currency exchange
b) selling or issuing payment instruments
c) selling or issuing stored value
d) Execution of payment transactions, including transfers of funds on a settlement account, including a bank account, with the user’s payment service provider or with another payment service provider:
i. execution of direct debits, including one-off direct debits;
ii. execution of payment transactions through a payment card or a similar device; and
e) Execution of payment transactions where the funds are covered by a credit line for a payment service user:
i. execution of direct debits, including one-off direct debits;
ii. execution of payment transactions through a payment card or a similar device; and
f) Money remittance; and
g) Execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting only as an intermediary between the payment service user and the supplier of the goods and services.

An Authorised Person does not provide Money Services, if it does so in relation to the carrying on of another Regulated Activity where providing Money Services is in connection with and a necessary part of that other Regulated Activity.

AIFC General Rules, Schedule 1

Authorisation Fee (paid once):

5 000 USD

More information and templates are available on AFSA’s website