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  • AML 5.2 AML Systems and Controls

    • AML 5.2.1

      A Relevant PersonG must:

      (a) establish and maintain effective policies, procedures, systems and controls to prevent opportunities for money laundering in relation to the Relevant PersonG and its activities;
      (b) ensure that its systems and controls in (a):
      (i) include the provision to the Relevant Person'sG senior management of regular management information on the operation and effectiveness of its AML systems and controls necessary to identify, measure, manage and control the Relevant Person'sG money laundering risks;
      (ii) enable it to determine:
      (A) whether a customer or a Beneficial OwnerG is a Politically Exposed PersonG (PEP); and
      (B) if it provides a customer with a life insurance or other similar policy, whether a beneficiary of the policy, or a Beneficial OwnerG of the beneficiary, is a PEP; and
      (iii) enable the Relevant PersonG to comply with these Rules and Federal AML legislation; and
      (c) ensure that regular risk assessments are carried out on the adequacy of the Relevant Person'sG AML systems and controls to ensure that they continue to enable it to identify, assess, monitor and manage money laundering risk adequately, and are comprehensive and proportionate to the nature, scale and complexity of its activities.
      Derived from RM117/2013 [VER9/07-13]
      [Amended] DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]
      [Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]

      • AML 5.2.1 Guidance

        In Rule 5.2.1(c) the regularity of risk assessments will depend on the nature, size and complexity of the Relevant Person'sG business and also on when any material changes are made to its business.

        Derived from RM117/2013 [VER9/07-13]
        [Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]