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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]
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 14.1 Groups, branches and subsidiaries

    • AML 14.1.1

      (1) A Relevant PersonG which is a DIFCG entity must ensure that its policies, procedures, systems and controls required by Rule 5.2.1 apply to:
      (a) any of its branches or SubsidiariesG ; and
      (b) any of its GroupG entities in the DIFCG .
      (2) Where the anti-money laundering requirements in another jurisdiction differ from those in the DIFCG , the Relevant PersonG must require its branchG or SubsidiaryG in that jurisdiction to apply the higher of the two standards, to the extent permitted by the law of that jurisdiction.
      (3) Where the law of another jurisdiction does not permit the implementation of policies, procedures, systems and controls that are equivalent to or higher than those that apply to the Relevant PersonG in the DIFCG , the Relevant PersonG must:
      (a) inform the DFSAG in writing; and
      (b) apply appropriate additional measures to manage the money laundering risks posed by the relevant branch or SubsidiaryG .
      Derived from RM117/2013 [VER9/07-13]
      [Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]

      • AML 14.1.1 Guidance

        A Relevant PersonG which is a DIFCG entity should conduct a periodic review to verify that any branch or SubsidiaryG operating in another jurisdiction is in compliance with the obligations imposed under these Rules.

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

    • AML 14.1.2

      A Relevant PersonG must:

      (a) communicate the policies and procedures which it establishes and maintains in accordance with these Rules to its GroupG entities, branches and SubsidiariesG ; and
      (b) document the basis for its satisfaction that the requirement in Rule 14.1.1(2) is met.
      Derived from RM117/2013 [VER9/07-13]

      • AML 14.1.2 Guidance

        In relation to an Authorised FirmG , if the DFSAG is not satisfied in respect of AML compliance of its branches and SubsidiariesG in a particular jurisdiction, it may take action, including making it a condition on the Authorised Firm'sG LicenceG that it must not operate a branch or SubsidiaryG in that jurisdiction.

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