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(2 versions)
Jul 14 2013 - Oct 28 2018Oct 29 2018 onwards

AML 6 Guidance

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. This chapter prescribes the risk-based assessment that must be undertaken by a Relevant PersonG on a customer and the proposed business relationship, transaction or product. The outcome of this process is to produce a risk rating for a customer, which determines the level of Customer Due DiligenceG (CDD) which will apply to that customer under chapter 7. That chapter prescribes the requirements of CDDG and of Enhanced CDDG for high risk customers and Simplified CDDG for low risk customers.
2. CDDG in the context of AML refers to the process of identifying a customer, verifying such identification and monitoring the customer's business and money laundering risk on an ongoing basis. CDDG is required to be undertaken following a risk-based assessment of the customer and the proposed business relationship, transaction or product.
3. Relevant PersonsG should note that the ongoing CDDG requirements in Rule 7.6.1 require a Relevant PersonG to ensure that it reviews a customer's risk rating to ensure that it remains appropriate in light of the AML risks.
4. The DFSAG is aware that in practice there will often be some degree of overlap between the customer risk assessment and CDDG . For example, a Relevant PersonG may undertake some aspects of CDDG , such as identifying a Beneficial OwnerG , when it performs a risk assessment of the customer. Conversely, a Relevant PersonG may also obtain relevant information as part of CDDG which has an impact on its customer risk assessment. An example of such relevant information is information on the ownership and control structure of the customer. Where information obtained as part of CDDG of a customer affects the risk rating of a customer, the change in risk rating should be reflected in the degree of CDDG undertaken.
Derived from RM117/2013 [VER9/07-13]
[Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]