How to apply and obtain Money Transmission / Exchange License in Dubai, UAE? Procedure, Documents required, Cost, Eligibility

How to get money transmission license in Dubai?

  • Recognize Dubai’s rules and specifications for sending money. Study the relevant laws, rules, and regulations established by the Central Bank of the UAE or the Dubai Financial Services Authority (DFSA), as appropriate.
  • Determine the particular license category you require based on the specifics of your money-transfer operations. A license for a business that offers money services or a license for a provider of payment services is just a few examples.
  • Create a business or legal entity in Dubai that satisfies the licensing authority’s standards. This could entail setting up a business, getting the required licenses, and satisfying the legal and financial criteria.
  • Collect the necessary documents, which normally include thorough company plans, financial statements, compliance guidelines, anti-money laundering practices, frameworks for risk management, and know-your-customer (KYC) procedures.
  • Make sure you adhere to the regulatory bodies’ prescribed minimum capital requirements. Depending on the license type and jurisdiction, the fee could change.
  • Prepare and submit a thorough application to the appropriate regulatory body, such as the DFSA or the Central Bank of the UAE. All required paperwork, supporting materials, and the appropriate application cost should be included in the application.
  • Be ready to go through a careful due diligence and compliance process. Background checks, interviews, site inspections, and assessments of your operating capabilities might all be part of this.
  • You may be granted permission and the money transmission license if your application is accepted and conforms with all rules. The length of the licensing process can vary. Therefore, it’s best to ask the regulating body for advice on precise time frames.

Documents Required

  • The memorandum and articles of association, the certificate of incorporation, and the shareholding structure, among other documents relevant to establishing your business.
  • Balance sheets, income statements, and cash flow statements that have been audited and show the stability and health of your company’s finances.
  • A thorough collection of guidelines describing how your business complies with anti-money laundering (AML) and counter-terrorism financing (CTF) laws. This could include reporting protocols, customer due diligence checks, and know-your-customer (KYC) policies.
  • Describe your organization’s risk management policies and practises, including internal controls, risk assessment methodology, and risk mitigation strategies.
  • A strategy describing how your business will carry on in the face of crises, catastrophes, or disruptions.
  • Proof of the necessary insurance coverage, as needed by the regulatory body, such as fidelity insurance or professional indemnity insurance.
  • Information about the shareholders, directors, and other important management figures who make up the company’s ownership structure. To achieve this, you might need to submit your CV, your personal identity documents, and background checks for important people.
  • Standard operating procedures, process flowcharts, and operational manuals pertaining to money transmission activities that show your business’s operational readiness and adherence to regulatory requirements.

Who is required to take Money Transmission / Exchange License in Dubai, UAE?

  • A money transmission/exchange license can normally be applied for by corporations, limited liability companies (LLCs), or other legal entities with a registered office in Dubai or the UAE. The business must satisfy all regulatory requirements, including those relating to capital needs, compliance protocols, and operating capabilities.
  • People who satisfy the regulatory requirements could occasionally be qualified to apply for a money transmission/exchange license. This can apply to business owners who seek to run a legally permitted money services firm as sole proprietors or partnerships.

Where to apply / take Money Transmission / Exchange License in Dubai, UAE?

A Money Services Business (MSB) license from the appropriate regulatory authorities is often necessary in Dubai, United Arab Emirates, for firms engaged in money transmission or currency exchange activities.

  • The Dubai Financial Services Authority (DFSA) is the regulatory body in charge of issuing MSB licenses in the DIFC. The DFSA will issue an MSB license to organizations operating in the DIFC that engage in money transfer or currency exchange activities.
  • The Central Bank of the UAE is the regulatory body in charge of issuing MSB licenses for organizations operating outside the DIFC, such as in mainland Dubai. To conduct money transmission or currency exchange business, an MSB license from the Central Bank is required.


  • Application and application fee will cost : 55093.50 AED
Share this page!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.