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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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Oct 29 2018 onwards

AML 7.3.7

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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) This Rule applies if a Relevant PersonG is providing a customer with a life insurance or other similar policy.
(2) The Relevant PersonG must, in addition to complying with AML Rule 7.3.1:
(a) if a beneficiary is specifically named in the policy, record the name of that person; and
(b) if the beneficiaries of the policy are designated by characteristics or by class, obtain sufficient information to satisfy itself that it will be able to establish the identity of the beneficiaries when any payment is due to be made under the policy.
(3) The Relevant PersonG must undertake the measures referred to in (2) as soon as the beneficiary of the policy is identified or designated.
(4) The Relevant PersonG must verify the identity of beneficiaries and any Beneficial OwnersG of a beneficiary before it makes a payout under the policy.
Derived from DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]