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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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  Versions
(1 version)
 
Oct 29 2018 onwards

AML 7.3.5



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) If a customer is a foundation, 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 the founder, guardian, contributors, qualified recipients, other persons entitled to receive any property or income from the foundation and any other natural person who exercises ultimate effective control of the foundation.
(3) If the qualified recipients, or other persons entitled to receive property or income from a foundation, are designated by characteristics or by class, the Relevant PersonG must obtain sufficient information to satisfy itself that it will be able to establish the identity of the qualified recipient or other person before it makes any payment or transfer of property to the recipient or person.
(4) The Relevant PersonG must verify the identity of a qualified recipient or other person referred to in (3) before it makes any payment, or transfers any property, from the foundation to that recipient or person.
Derived from DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]