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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Recognised Jurisdictions and Funds
Declaration Notices
Financial Markets Tribunal
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

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(1 version)
Oct 29 2018 onwards

AML 7.3.6

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) If a customer is a legal arrangement, a Relevant PersonG must identify and verify the Beneficial OwnersG under AML Rule 7.3.1(1)(b) in accordance with this Rule.
(2) The Relevant PersonG must identify:
(a) for a trust, the settlor, trustee, protector, enforcer, beneficiaries and any other natural person who exercises ultimate effective control over the trust; and
(b) for other types of legal arrangements, persons in equivalent or similar positions to those persons referred to in (a).
(3) If the beneficiaries of a trust or arrangement are designated by characteristics or by class, the Relevant PersonG must obtain sufficient information about the beneficiaries to satisfy itself that it will be able to establish the identity of a beneficiary:
(a) before it makes a distribution to the beneficiary; or
(b) when the beneficiary intends to exercise vested rights.
(4) The Relevant PersonG must verify the identity of a beneficiary referred to in (3) before it makes a distribution to the beneficiary or the beneficiary exercises vested rights.
Derived from DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]