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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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AML 8.1.1 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.

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1. In complying with AML Rule 8.1.1(3)(a), "immediately obtaining the necessary CDDG information" means obtaining all relevant CDDG information, and not just basic information such as name and address. Compliance can be achieved by having that relevant information sent by email or other appropriate means. For the avoidance of doubt, a Relevant PersonG is not required automatically to obtain the underlying certified documents used by the third party to undertake its CDDG . A Relevant PersonG must, however, under AML Rule 8.1.1(3)(b) ensure that the certified documents are readily available from the third party on request.
2. The DFSAG would expect a Relevant PersonG , in complying with AML Rule 8.1.1(5), to fill any gaps in the CDDG process as soon as it becomes aware that a customer or Beneficial OwnerG has not been identified and verified in a manner consistent with these Rules.
3. If a Relevant PersonG acquires another business, either in whole or in part, the DFSAG would permit the Relevant PersonG to rely on the CDDG conducted by the business it is acquiring but would expect the Relevant PersonG to have done the following:
a. as part of its due diligence for the acquisition, to have taken a reasonable sample of the prospective customers to assess the quality of the CDDG undertaken; and
b. to undertake CDDG on all the customers to cover any deficiencies identified in a. as soon as possible following the acquisition, prioritising high risk customers.
4. Where a particular jurisdiction's laws (such as secrecy or data protection legislation) would prevent a Relevant PersonG from having access to CDDG information upon request without delay as referred to in AML Rule 8.1.1(3)(b), the Relevant PersonG should undertake the relevant CDDG itself and should not seek to rely on the relevant third party.
5. If a Relevant PersonG relies on a third party located in a foreign jurisdiction to conduct one or more elements of CDD on its behalf, the Relevant PersonG must ensure that the foreign jurisdiction has AML regulations that are equivalent to the standards in the FATFG Recommendations (see AML Rule 8.1.1(3)(c) and AML Rule 8.1.2).
Derived from RM117/2013 [VER9/07-13]
[Amended] DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]
[Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]