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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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Jul 14 2013 - Oct 28 2018Oct 29 2018 onwards

AML 7.7.1 Guidance



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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. In complying with Rule 7.7.1(1) a Relevant PersonG should apply one or more of the measures in (a) to (f) as appropriate in the circumstances. Where CDDG cannot be completed, it may be appropriate not to carry out a transaction pending completion of CDDG . Where CDDG cannot be conducted, including where a material part of the CDDG , such as identifying and verifying a Beneficial OwnerG cannot be conducted, a Relevant PersonG should not establish a business relationship with the customer.
2. A Relevant PersonG should note that Rule 7.7.1 applies to both existing and prospective customers. For new customers it may be appropriate for a Relevant PersonG to terminate the business relationship before a product or service is provided. However, for existing customers, while termination of the business relationship should not be ruled out, suspension may be more appropriate depending on the circumstances. Whichever route is taken, the Relevant PersonG should be careful not to tip off the customer.
3. A Relevant PersonG should adopt the RBA for CDDG of existing customers. For example, if a Relevant PersonG considers that any of its existing customers (which may include customers which it migrates into the DIFCG ) have not been subject to CDDG at an equivalent standard to that required by this module, it should adopt the RBA and take remedial action in a manner proportionate to the risks and within a reasonable period of time whilst complying with Rule 7.7.1.
Derived from RM117/2013 [VER9/07-13]
[Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]