[B]
Bank
A Regulated Financial Institution that is authorised to accept deposits or Open and Operate Bank Accounts or both, as defined in BBR 1.5.
Bank Account
A Correspondent Account, Current Account, or Savings Account.
Banking Book
Includes all on and off-balance sheet positions, exposures, items, which are not included in the Trading Book.
Base Capital Requirement
The meaning given in PRU(INV) 3.3(3). For Banking Business Firms has the meaning given in BBR 4.10.
Basel Requirements
The rules and guidance from time to time published by the Basel Committee on Banking Supervision.
BBR
AIFC Banking Business Prudential Rules
Beneficial owner
The beneficial owner, in relation to a customer, is a natural person:
- (a) who ultimately controls, directly or indirectly, a customer;
- (b) who, in relation to a customer which is a legal person or arrangement, exercises (whether directly or indirectly) ultimate effective control over the person or arrangement, or the management of such person or arrangement;
- (c) who ultimately owns or has an ownership interest in the customer, whether legally or beneficially, directly or indirectly;
- (d) on whose behalf or for whose benefit a transaction is being conducted; or
- (e) on whose instructions the signatories of an account, or any intermediaries instructing such signatories, are for the time being accustomed to act.
A person not falling into (a) or (b) is not a beneficial owner by reason of (c) or (d) if, having regard to a risk-based assessment of the customer, the ownership interest is small and in the circumstances poses an insignificant (or no) risk of money laundering.
In (a) to (e), a reference to a "customer" includes a customer account, customer assets, and the underlying legal person or arrangements which constitute or make up the customer, customer account, or customer assets.
Board
In reference to a corporation, the board of directors of the corporation.
Body Corporate
Any body corporate, including a limited liability partnership and a body corporate constituted under the law of a country or territory outside the AIFC.
Borrower
A Person who seeks and/or receives funding in the form of one or more loans under an agreement with a lender via the sale of a Debenture which may be facilitated via a Loan Crowdfunding Platform as set out in paragraph 4 of Schedule 4 of AIFC General Rules.
BPG
AIFC Banking Business Prudential Guideline
Branch
A Centre Participant which is incorporated pursuant to the law of a jurisdiction other than the AIFC.
Broker Dealer
Has the meaning given in BBR 1.6
Business Rules
(In AMI) rules established and maintained by an Authorised Market Institution in accordance with AMI 2.5.1.
(In MOTF) rules established and maintained by a MTF Operator or an OTF Operator in accordance with MOTF 6.1.