The prudential returns of a Bank must reflect its management accounts, financial statements and ancillary reports. A Bank’s prudential returns, accounts, statements and reports must all be prepared using the same standards and practices and must be easily reconcilable with one another.
The Bank must give the return to AFSA within the period stated in the notice.
AFSA may, by written notice:
(a) require a Bank to prepare additional prudential returns;
(b) exempt a Bank from a requirement to prepare annual, biannual, quarterly or monthly returns
(or a particular return); or
(c) extend the period within which to give a return.
An exemption may be subject to one or more conditions. The Bank availing the exemption must comply with any condition attached to an exemption.
The Bank must prepare and submit its prudential returns in accordance with AFSA’s instructions. Such instructions may require that the return be prepared or given through an electronic submission system.
A prudential return must be signed by 2 individuals, who are Approved Individuals for the Bank and who occupy any of the Controlled Functions of Director, Senior Executive Officer or Finance Officer. The AFSA, by way of a notice, may prescribe acceptable modes of affixing a signature for the prudential returns, including but not limited to electronic signatures.
If these Approved Individuals are not available or are unable to sign, the prudential return must be signed by both of the individuals approved to exercise the following Controlled Functions:
(a) the Risk Manager function;
(b) the Compliance Officer function.
An Authorised Firm is subject to monthly, quarterly and annual regulatory reporting (including Prudential, AML, Conduct of Business and Currency Regulation Rules) requirements set out in the AIFC Rules and Regulations.
*This table does not relieve Authorised Firms from the obligation to be aware of AFSA’s Rules and Regulations that might be pertinent to a Firm.
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Quarterly prudential return |
Reporting needs to be made in thousands of USD. Please read your MANUAL FOR PREPARATION OF RETURNS
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The report is submitted within a month after the reporting quarter ends |
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Annual prudential return
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Reporting needs to be made in thousands of USD. Annual prudential returns need to contain certification of the same auditor who was responsible for the audit of annual financial statements. Please read your MANUAL FOR PREPARATION OF RETURNS |
The report is submitted within 4 months after the reporting year ends
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A report on payments and (or) transfers made on foreign currency transactions, including on behalf of AIFC participants, made in the AIFC territory, for an amount equal to or exceeding the equivalent of USD 50,000 |
In the form in accordance with Annex 1 to Schedule 5 to the Currency Regulation Rules |
The report is submitted monthly no later than the fifteenth day of the month following the reporting month |
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A report on clients' bank accounts in foreign currency, including a list of residents who have bank accounts in foreign currency with the AIFC bank, and aggregated data on cash balances on them |
In the form in accordance with Annex 2 to Schedule 5 to the Currency Regulation Rules. |
The report is submitted monthly no later than the tenth day of the month following the reporting month |
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A report on the bank accounts of the AIFC participants who have opened deposit accounts in STBs of RK |
In the form in accordance with Annex 5 to Schedule 5 to the Currency Regulation Rules |
The report is submitted quarterly no later than the tenth day of the month following the reporting quarter |
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In accordance with clause 4.1 of Schedule 5 to the Currency Regulation Rules, AIFC participants providing depository and brokerage services in accordance with their AFSA license, submit reports on securities to AFSA |
In the form in accordance with Annex 3 to Schedule 5 to the Currency Regulation Rules |
Quarterly no later than the tenth day of the month following the reporting month |
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Under clause 5.1 of Schedule 5 to the Currency Regulation Rules, the AIFC participant provide the AFSA with information on the contract, on the basis of and pursuant to which capital movement transactions are carried out, for an amount equal to or exceeding the equivalent of USD 500,000 |
In the form in accordance with Annex 4 to Schedule 5 to the Currency Regulation Rules |
The information is provided before the expiration of thirty calendar days from the date of commencement of payments under this contract |
For more information, please follow the Banking Business Prudential Rules
Manual for preparation of returns
Prudential reporting forms available on Digital Resident portal.
