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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 10.3.1

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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.

(1) A Relevant PersonG must establish and maintain systems and controls to ensure that on an ongoing basis it is properly informed as to, and takes reasonable measures to comply with, any findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions (each of which is referred to in this Rule as a "finding") issued by:
(a) the government of the U.A.E.G or any government departments in the U.A.E.;
(b) the Central Bank of the U.A.E.G or the FID;
(c) FATFG ;
(d) U.A.E.G enforcement agencies; and
(e) the DFSAG ,
concerning the matters in (2).
(2) For the purposes of (1), the relevant matters are:
(a) arrangements for preventing money laundering, terrorist financing or the financing of weapons of mass destruction in a particular country or jurisdiction, including any assessment of material deficiency against relevant countries in adopting international standards; and
(b) the names of persons, groups, organisations or entities or any other body where suspicion of money laundering or terrorist financing or the financing of weapons of mass destruction exists.
(3) For the purposes of (1), measures in a finding that a Relevant PersonG must comply with include, but are not limited to, measures:
(a) requiring specific elements of enhanced due diligence;
(b) requiring enhanced reporting mechanisms or systematic reporting of financial transactionsG ;
(c) limiting business relationships or financial transactionsG with specified persons or persons in a specified jurisdiction;
(d) prohibiting Relevant PersonsG from relying on third parties located in a specified jurisdiction to conduct customer due diligence;
(e) requiring correspondent relationships with banks in a specified jurisdiction to be reviewed, amended or, if necessary, terminated;
(f) prohibiting the execution of specified electronic fund transfers; or
(g) requiring increased external audit requirements for financial groups with respect to branches and subsidiaries located in a specified jurisdiction.
(4) A Relevant PersonG must immediately notify the DFSA in writing if it becomes aware of non-compliance by a person with a finding and provide the DFSA with sufficient details of the person concerned and the nature of the non-compliance.
Derived from RM117/2013 [VER9/07-13]
[Amended] DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]
[Amended] DFSA RM223/2018 (Made 18th April 2018). [VER14/07-18]
[Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]