1. What are the sources of payments law in your
jurisdiction?
The United Arab Emirates ("UAE") consists of
"onshore" ("UAE Onshore") and financial free
zone jurisdictions, to which different sources of payments law
apply. There are currently two financial free zones in the UAE: the
Dubai International Financial Centre (the "DIFC") and the
Abu Dhabi Global Market (the "ADGM") (together, the
"Financial Free Zones").
The sources of payments law in the UAE depend on the applicable
jurisdiction and financial regulatory regime:
– UAE Onshore. Where the payment service provider
("PSP") is providing its services in or from UAE Onshore,
it is governed by the federal laws of the UAE. Financial services
conducted in or from UAE Onshore are regulated by the UAE Central
Bank ("UAECB"), Securities and Commodities Authority
("SCA") and Insurance Authority ("IA") (as
applicable).
