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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) [VER16/07-19]
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DFSA Codes of Practice
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  • AML 7.3.3

    (1) If a customer is a body corporate, a Relevant Person must identify and verify the Beneficial Owners under AML Rule 7.3.1(1)(b) in accordance with this Rule.
    (2) The Relevant Person must identify:
    (a) the natural persons who ultimately have a controlling ownership interest in the body corporate, whether legal or beneficial, direct or indirect; and
    (b) if there is any doubt about whether the natural persons identified under (a) exert control through ownership interests, or if no natural person exerts control through ownership interests, the natural persons exercising control of the body corporate through other means.
    (3) A Relevant Person does not have to identify an ownership interest under (2)(a) if, having regard to a risk-based assessment of the customer, it is reasonably satisfied that the ownership interest is minor and in the circumstances poses no or negligible risk of money laundering.
    (4) If a Relevant Person has exhausted all possible means but has not been able to identify the Beneficial Owners under (2), and provided it has no grounds for suspecting money laundering, it must treat the senior management of the body corporate as the Beneficial Owners.
    (5) If (4) applies, the Relevant Person must keep a record in writing of all the actions it has taken to identify the Beneficial Owners of the body corporate.
    Derived from DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]