The second phase of the AIFC Providing Money Services framework comes into force

Today, January 13, 2026, marks the implementation of the second phase (final) of the AIFC Providing Money Service (PMS) framework. Overall, the provisions of the second phase concern:   

• Client protection (complaints handling, requirements on content of Сlient agreement, safeguarding of Сlient money, information/communication requirements etc.); 

• Cyber/operational resilience (cybersecurity policies, incident reporting, IT audit, strong customer authentication etc.).

The new PMS framework was adopted by AFSA back on April 13, 2025. To ensure preparations for the purposes of proper and timely compliance with the new regulatory regime, the framework provided for a transitional period, which includes two phases. The 1st phase came into force on October 13, 2025, which introduced definitions, capital requirements and provisions on use of digital assets in money services. 

The comprehensive PMS framework introduces new Rule on Providing Money Services and several amendments to the AIFC Acts available at the following links: 

• AIFC Rules on Providing Money Services
• AIFC General Rules
• AIFC Glossary
• AIFC Conduct of Business Rules
• AIFC Banking Business Prudential Rules 
• AIFC Rules on Digital Asset Activities 

The newly adopted PMS framework is aimed at providing clear rules for money service providers, encouraging FinTech innovation in the AIFC, including the use of Digital Assets in money services. Along with fostering the money services industry development, the framework has other key goals in protecting the interests of consumers and strengthening the cyber as well as operational resilience of money service providers.