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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) [VER16/07-19]
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Oct 29 2018 onwards

AML 7.3.3

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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) If a customer is a body corporate, a Relevant PersonG must identify and verify the Beneficial OwnersG under AML Rule 7.3.1(1)(b) in accordance with this Rule.
(2) The Relevant PersonG must identify:
(a) the natural persons who ultimately have a controlling ownership interest in the body corporate, whether legal or beneficial, direct or indirect; and
(b) if there is any doubt about whether the natural persons identified under (a) exert control through ownership interests, or if no natural person exerts control through ownership interests, the natural persons exercising control of the body corporate through other means.
(3) A Relevant PersonG does not have to identify an ownership interest under (2)(a) if, having regard to a risk-based assessment of the customer, it is reasonably satisfied that the ownership interest is minor and in the circumstances poses no or negligible risk of money laundering.
(4) If a Relevant PersonG has exhausted all possible means but has not been able to identify the Beneficial OwnersG under (2), and provided it has no grounds for suspecting money laundering, it must treat the senior management of the body corporate as the Beneficial OwnersG .
(5) If (4) applies, the Relevant PersonG must keep a record in writing of all the actions it has taken to identify the Beneficial OwnersG of the body corporate.
Derived from DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]