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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 14.4 Record keeping

    • AML 14.4.1

      A Relevant PersonG must maintain the following records:

      (a) a copy of all documents and information obtained in undertaking initial and ongoing Customer Due DiligenceG ;
      (b) records (consisting of the original documents or certified copies) in respect of the customer business relationship, including:
      (i) business correspondence and other information relating to a customer's account;
      (ii) sufficient records of transactions to enable individual transactions to be reconstructed; and
      (iii) internal findings and analysis relating to a transaction or any business, such as if the transactionG or business is unusual or suspicious, whether or not it results in a Suspicious Activity ReportG ;
      (c) notifications made under AML Rule 13.2.2};
      (d) Suspicious Activity Reports and any relevant supporting documents and information, including internal findings and analysis;
      (e) any relevant communications with the FIU;
      (f) the documents in AML Rule 14.4.2; and
      (g) any other matter that the Relevant PersonG is expressly required to record under these Rules,

      for at least six years from the date on which the notification or report was made, the business relationship ends or the transaction is completed, whichever occurs last.

      Derived from RM117/2013 [VER9/07-13]
      [Amended] DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]
      [Amended] DFSA RM223/2018 (Made 18th April 2018). [VER14/07-18]
      [Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]
      [Amended] DFSA RM258/2019 (Made 26th June 2019). [VER16/07-19]

    • AML 14.4.1A

      A Relevant PersonG must provide to the DFSAG or a law enforcement agency immediately on request a copy of a record referred to in AML Rule 14.4.1.

      Derived from DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]

    • AML 14.4.2

      A Relevant Person must document, and provide to the DFSAG immediately on request, any of the following:

      (a) the risk assessment of its business undertaken under Rule 5.1.1;
      (b) how the assessment in (a) was used for the purposes of complying with Rule 6.1.1(1);
      (c) the risk assessment of the customer undertaken under Rule 6.1.1(1)(a); and
      (d) the determination made under Rule 6.1.1(1)(b).
      Derived from RM117/2013 [VER9/07-13]
      [Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]

      • AML 14.4.2 Guidance

        1. The records required to be kept under AML Rule 14.4.1 may be kept in electronic format, provided that such records are readily accessible and available to respond promptly to any DFSAG requests for information. Authorised PersonsG are reminded of their obligations in GEN Rule 5.3.24.
        2. If the date on which the business relationship with a customer has ended remains unclear, it may be taken to have ended on the date of the completion of the last transaction.
        3. The records maintained by a Relevant PersonG should be kept in such a manner that:
        a. the DFSAG or another competent authority is able to assess the Relevant Person'sG compliance with legislation applicable in the DIFCG ;
        b. any transaction which was processed by or through the Relevant PersonG on behalf of a customer or other third party can be reconstructed;
        c. any customer or third party can be identified; and
        d. the Relevant PersonG can satisfy without delay any regulatory enquiry or court order to disclose information.
        4. The DFSAG would ordinarily expect a Relevant Person to be able to provide a copy of a record or assessment referred to in AML Rule 14.4.1 or AML Rule 14.4.2 within 24 hours of a request by the DFSAG . However, if a request is complex or if records are kept outside the DIFCG as set out in AML Rule 14.4.3, the DFSAG may allow further time to comply with the request.
        Derived from RM117/2013 [VER9/07-13]
        [Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]

    • AML 14.4.3

      Where the records referred to in Rule 14.4.1 are kept by the Relevant PersonG outside the DIFCG , a Relevant PersonG must:

      (a) take reasonable steps to ensure that the records are held in a manner consistent with these Rules;
      (b) ensure that the records are easily accessible to the Relevant PersonG ; and
      (c) upon request by the DFSAG , ensure that the records are immediately available for inspection.
      Derived from RM117/2013 [VER9/07-13]
      [Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]

    • AML 14.4.4

      A Relevant PersonG must:

      (a) verify if there is secrecy or data protection legislation that would restrict access without delay to the records referred to in Rule 14.4.1 by the Relevant PersonG , the DFSAG or the law enforcement agencies of the U.A.E.G ; and
      (b) where such legislation exists, obtain without delay certified copies of the relevant records and keep such copies in a jurisdiction which allows access by those persons in (a).
      Derived from RM117/2013 [VER9/07-13]

    • AML 14.4.5

      A Relevant Person must be able to demonstrate that it has complied with the training and awareness requirements in chapter 12 through appropriate measures, including the maintenance of relevant training records.

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

      • AML 14.4.5 Guidance

        1. In complying with Rule 14.4.3, Authorised PersonsG are reminded of their obligations in GEN Rule 5.3.24.
        2. The DFSAG considers that "appropriate measures" in Rule 14.4.5 may include the maintenance of a training log setting out details of:
        a. the dates when the training was given;
        b. the nature of the training; and
        c. the names of EmployeesG who received the training.
        Derived from RM117/2013 [VER9/07-13]