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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 10.2.1 Guidance



Whole Section PDF

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.

1. In AML Rule 10.2.1(1), taking reasonable measures to comply with a United Nations Security Council resolution or sanction may include, for example, a Relevant PersonG not undertaking a transaction for or on behalf of a person or undertaking further due diligence in respect of a person.
2. Relevant United Nations Security Council resolutions or sanctions mentioned in AML Rule 10.2.1 may, among other things, relate to money laundering, terrorist financing or the financing of weapons of mass destruction or otherwise be relevant to the activities carried on by the Relevant PersonG . For example:
a. a Relevant PersonG should exercise due care to ensure that it does not provide services to, or otherwise conduct business with, a person engaged in money laundering, terrorist financing or the financing of weapons of mass destruction; and
b. an Authorised Market InstitutionG should exercise due care to ensure that it does not facilitate fund raising activities or listings by persons engaged in money laundering or terrorist financing or financing of weapons of mass destruction.
3. A Relevant PersonG should be proactive in checking for, and taking measures to comply with, relevant resolutions or sanctions issued by the United Nations Security Council. The DFSA expects Relevant PersonsG to perform checks on an ongoing basis against their customer databases and records for any names appearing in resolutions or sanctions issued by the United Nations Security Council as well as to monitor transactions accordingly.
4. A Relevant PersonG may use a database maintained elsewhere for an up-to-date list of resolutions and sanctions, or to perform checks of customers or transactions against that list. For example, it may wish to use a database maintained by its head office or a GroupG member. However, the Relevant PersonG retains responsibility for ensuring that its systems and controls are effective to ensure compliance with this module.
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]