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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) [VER15/07-18]
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DFSA Codes of Practice
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AML 7.5.1

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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.

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(1) Where a Relevant PersonG is permitted to undertake Simplified Customer Due DiligenceG under AML Rule 7.1.1(2), modification of AML Rule 7.3.1 may include:
(a) verifying the identity of the customer and any Beneficial OwnersG after the establishment of the business relationship under AML Rule 7.2.1(3);
(b) deciding to reduce the frequency of, or as appropriate not undertake, customer identification updates;
(c) deciding not to verify an identification document other than by requesting a copy;
(d) reducing the degree of on-going monitoring of transactions, based on a reasonable monetary threshold or on the nature of the transaction; or
(e) not collecting specific information or carrying out specific measures to understand the purpose and intended nature of the business relationship, but infering such purpose and nature from the type of transactions or business relationship established.
(2) The modification in (1) must be proportionate to the customer's money laundering risks.
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]