Home   Browse contents   View updates   Search  
     Quick search
Go
   

Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) [VER16/07-19]
AML 7 Customer Due Diligence
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

Whole SectionText only Print Print Manager Link


  Versions
(1 version)
 
Oct 29 2018 onwards

AML 7.3.8

View whole sectionWhole 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) A Relevant PersonG must take reasonable measures to determine:
(a) if a customer, or a Beneficial OwnerG of a customer, is a Politically Exposed PersonG (PEP); and
(b) for a life insurance or other similar policy, if a beneficiary of the policy, or a Beneficial OwnerG of a beneficiary, is a PEPG .
(2) If a customer, or a Beneficial OwnerG of a customer, is a PEPG , a Relevant PersonG must:
(a) obtain the approval of senior management to commence or continue the business relationship with the customer;
(b) take reasonable measures to establish the source of wealth and source of funds of the customer or Beneficial OwnerG ; and
(c) increase the degree and nature of monitoring of the business relationship, to determine whether the customer's transactions or activities appear unusual or suspicious.
(3) If a beneficiary of a life insurance or other similar policy, or a Beneficial OwnerG of a beneficiary, is a PEPG , a Relevant PersonG must:
(a) obtain the approval of senior management to make any payout under the policy;
(b) take reasonable measures to establish the source of wealth and source of funds of the beneficiary or Beneficial OwnerG of the beneficiary; and
(c) increase the degree and nature of monitoring of its business relationship with the policyholder, to determine whether the customer's transactions or activities appear unusual or suspicious.
(4) A Relevant PersonG must carry out the additional Customer Due DiligenceG referred to in (3) before it makes any payout under the policy.
Derived from DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]