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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) [VER15/07-18]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • AML 11.2 Appointment of a MLRO

    • AML 11.2.1

      (1) A Relevant PersonG must appoint an individual as MLROG , with responsibility for implementation and oversight of its compliance with the Rules in this module, who has an appropriate level of seniority and independence to act in the role.
      (2) The MLROG in (1) and AML Rule 11.2.5 must be resident in the U.A.E.G , except in the case of the MLRO for a Registered AuditorG .
      Derived from RM117/2013 [VER9/07-13]
      [Amended] RM196/2016 (Made 7th December 2016). [VER13/02-17]

    • AML 11.2.2

      The individual appointed as the MLROG of a Representative OfficeG must be the same individual who holds the position of Principal RepresentativeG of that Representative OfficeG .

      Derived from RM117/2013 [VER9/07-13]

      • AML 11.2.2 Guidance

        1. Authorised FirmsG are reminded that under GEN Rule 7.5.1, the MLROG function is a mandatory appointment. For the avoidance of doubt, the individual appointed as the MLROG of an Authorised FirmG , other than a Representative OfficeG , is the same individual who holds the Licensed FunctionG of Money Laundering Reporting OfficerG of that Authorised FirmG . Authorised FirmsG are also reminded that the guidance under GEN Rule 7.5.2 sets out the grounds under which the DFSAG will determine whether to grant a waiver from the residence requirements for an MLROG . The same guidance would apply by analogy to other Relevant PersonsG seeking a waiver from the MLROG residence requirements.
        2. The individual appointed as the MLROG of an Authorised Market InstitutionG is the same individual who holds the position of Money Laundering Reporting OfficerG of that Authorised Market InstitutionG under the relevant AMIG Rule.
        Derived from RM117/2013 [VER9/07-13]

    • AML 11.2.3

      An Authorised FirmG , other than a Representative OfficeG , must appoint an individual to act as a deputy MLROG of the Authorised FirmG to fulfil the role of the MLROG in his absence.

      Derived from RM117/2013 [VER9/07-13]

    • AML 11.2.4

      A Relevant Person'sG MLROG must deal with the DFSAG in an open and co-operative manner and must disclose appropriately any information of which the DFSA would reasonably be expected to be notified.

      Derived from RM117/2013 [VER9/07-13]

      • AML 11.2.4 Guidance

        1. The individual appointed as the deputy MLROG of an Authorised FirmG need not apply for Authorised IndividualG status for performing the Licensed FunctionG of Money Laundering Reporting OfficerG , subject to Rules in GEN section 11.6.
        2. A Relevant PersonG other than an Authorised FirmG should make adequate arrangements to ensure that it remains in compliance with this module in the event that its MLROG is absent. Adequate arrangementsG would include appointing a temporary MLROG for the period of the MLRO'sG absence or making sure that the Relevant Person'sG AML systems and controls allow it to continue to comply with these Rules when the MLROG is absent.
        Derived from RM117/2013 [VER9/07-13]

    • AML 11.2.5

      A Relevant PersonG may outsource the role of MLROG to an individual outside the Relevant PersonG provided that the relevant individual under the outsourcing agreement is and remains suitable to perform the MLROG role.

      Derived from RM117/2013 [VER9/07-13]

      • AML 11.2.5 Guidance

        Where a Relevant PersonG outsources specific AML tasks of its MLROG to another individual or a third party provider, including within a corporate GroupG , the Relevant PersonG remains responsible for ensuring compliance with the responsibilities of the MLROG . The Relevant PersonG should satisfy itself of the suitability of anyone who acts for it.

        Derived from RM117/2013 [VER9/07-13]