RAK Financial Services Authority is directly in charge of overseeing the regulated financial activity within RAK offshore and RAK financial city in order to ensure that RAK offshore can provide maximum flexibility for investors while maintaining strict compliance with local as well as international rules and regulations.
The responsibilities of RAK Financial Services Authority are:
- Screen applications received from RAK offshore or RAK Financial city and deliver licenses.
- Issue guidelines to inform registered agents of the appropriate procedures
- Ensure that the supervised financial institutions provide the FSA with all information and documents that are relevant to carry out its supervisory functions.
- Develop the financial services industry in RAKIA administrated zones, including the conduct of surveys relating to the industry.
- Monitor the effectiveness of the RAKIA financial services legislation in providing for the supervision and regulation of the financial services industry as per internationally accepted standards.