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Dubai Financial Services Authority (DFSA): Contents

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

Whole SectionText only Print Print Manager Link

(1 version)
Jul 14 2013 onwards

AML 9.2.1

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.

An Authorised FirmG proposing to have a correspondent banking relationship with a respondent bank must:

(a) undertake appropriate Customer Due DiligenceG on the respondent bank;
(b) as part of (a), gather sufficient information about the respondent bank to understand fully the nature of the business, including making appropriate enquiries on its management, its major business activities and the countries or jurisdictions in which it operates;
(c) determine from publicly-available information the reputation of the respondent bank and the quality of supervision, including whether it has been subject to a money laundering or terrorist financing investigation or relevant regulatory action;
(d) assess the respondent bank's AML controls and ascertain if they are adequate and effective in light of the FATFG Recommendations;
(e) ensure that prior approval of the Authorised Firm'sG senior management is obtained before entering into a new correspondent banking relationship;
(f) ensure that the respective responsibilities of the parties to the correspondent banking relationship are properly documented; and
(g) be satisfied that, in respect of any customers of the respondent bank who have direct access to accounts of the Authorised FirmG , the respondent bank:
(i) has undertaken Customer Due DiligenceG (including ongoing Customer Due DiligenceG ) at least equivalent to that in Rule 7.3.1 in respect of each customer; and
(ii) is able to provide the relevant Customer Due DiligenceG information in (i) to the Authorised FirmG upon request; and
(h) document the basis for its satisfaction that the requirements in (a) to (g) are met.
Derived from RM117/2013 [VER9/07-13]