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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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Oct 29 2018 onwards

AML 7.2.2

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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 may establish a business relationship with a customer before completing the verification required by AML Rule 7.3.1 if the following conditions are met:
(a) deferral of the verification of the customer or Beneficial OwnerG is necessary in order not to interrupt the normal conduct of a business relationship;
(b) there is little risk of money laundering occurring and any such risks identified can be effectively managed by the Relevant PersonG ;
(c) in relation to a bank account opening, there are adequate safeguards in place to ensure that the account is not closed and transactions are not carried out by or on behalf of the account holder (including any payment from the account to the account holder) before verification has been completed; and
(d) subject to (2), the relevant verification is completed as soon as reasonably practicable and in any event no later than 30 days after the establishment of a business relationship.
(2) Where a Relevant PersonG is not reasonably able to comply with the 30 day requirement in (1)(d), it must, prior to the end of the 30 day period:
(a) document the reason for its non-compliance;
(b) complete the verification in (1) as soon as possible; and
(c) record the non-compliance event in its annual AML Return.
(3) The DFSAG may specify a period within which a Relevant PersonG must complete the verification required by (1) failing which the DFSAG may direct the Relevant PersonG to cease any business relationship with the customer.
(4) A Relevant PersonG must ensure that its AML systems and controls referred to in AML Rule 5.2.1 include risk management policies and procedures concerning the conditions under which business relationships may be established with a customer before completing verification.
Derived from DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]