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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

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(1 version)
Oct 29 2018 onwards

AML 7.3.3 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. In exceptional circumstances, a Relevant PersonG may not be able to identify any natural person as the ultimate owner or controller of a body corporate. In such a case, provided it has exhausted all other means of identifying the owner or controller and it has no grounds for suspecting money laundering, it can treat each of the members of the senior management of the body corporate as the Beneficial OwnersG (see AML Rule 7.3.3(4)). However, in such a case the Relevant PersonG will need to keep records of all the actions it has taken to identify the Beneficial OwnersG (see AML Rule 7.3.3(5)).
2. If the ownership or control arrangements of a customer are of such a nature that the Relevant PersonG is prevented from identifying the Beneficial OwnersG (for example, if Beneficial OwnersG hold bearer shares or other negotiable instruments and there is no effective system for recording the current holder of the shares or instruments), the Relevant PersonG is prohibited from establishing a business relationship with the customer under AML Rule 6.1.4.
3. For more detailed Guidance on identifying and verifying Beneficial OwnersG , see the guidance on CDDG at the end of AML section 7.3.
Derived from DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]