Each of the four regulators mentioned above have their own specific requirements that must be satisfied by the applicant firm seeking to become authorized. These requirements are also largely dependent on the type of activity the applicant firm is seeking to practice. However, the following general factors will be considered:

• Ownership and group structure
• Corporate governance structure
• Senior management resources
• Suitability
• Fitness and propriety

There is a moratorium on new banks in the UAE, including branches of foreign banks. As for other FIs, a RBP must be submitted together with a number of key individuals: (i) a CEO, (ii) a compliance officer, (iii) a money laundering reporting officer, (iv) an internal audit officer. This personnel must be fit and proper.