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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) [VER15/07-18]
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AML 7.4.1

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The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

To view past versions of this module in PDF format, please visit the Archive.

Where a Relevant PersonG is required to undertake Enhanced Customer Due DiligenceG under AML Rule 7.1.1(1)(b) it must, to the extent applicable to the customer:

(a) obtain and verify additional:
(i) identification information on the customer and any Beneficial OwnerG ;
(ii) information on the intended nature of the business relationship; and
(iii) information on the reasons for a transaction;
(b) update more regularly the Customer Due DiligenceG information which it holds on the customer and any Beneficial OwnersG ;
(c) take reasonable measures to establish:
(i) the source of funds; and
(ii) the source of wealth,

of the customer or, if applicable, of the Beneficial OwnerG ;
(d) increase the degree and nature of monitoring of the business relationship, in order to determine whether the customer's transactions or activities appear unusual or suspicious;
(e) obtain the approval of senior management to commence a business relationship with a customer; and
(f) where applicable, require that any first payment made by a customer in order to open an account with a Relevant PersonG must be carried out through a bank account in the customer's name with:
(i) a BankG ;
(ii) a Regulated Financial InstitutionG whose entire operations are subject to regulation and supervision, including AML regulation and supervision, in a jurisdiction with AML regulations which are equivalent to the standards set out in the FATF recommendations; or
(iii) a SubsidiaryG of a Regulated Financial InstitutionG referred to in (ii), if the law that applies to the ParentG ensures that the Subsidiary also observes the same AML standards as its ParentG .
Derived from RM117/2013 [VER9/07-13]
[Amended] DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]
[Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]