Operating Rules for Cross Currency Payments using AFAQ Service

The Direct Participant must ensure that AFAQ Transactions shall be effected solely for Genuine Client Needs. For the purposes of these Rules, Genuine Client Needs means bona fide financial and payment needs of non-banking clients of financial institutions participating in the AFAQ system, including (but not limited to) payments arising from bilateral commercial trade activities, remittances and consumer payments. 7.1.2 The Direct Participant shall place adequate measures to ensure that the Service is utilized in a manner consistent with clause 7.1.1.