Home   Browse contents   View updates   Search  
     Quick search
Go
   

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

BackText onlyPrint

You need the Flash plugin.

Download Macromedia Flash Player



  • Definitions

    • AML 9.3.2

      In this section:

      (a) "batch transfer" means a transfer that consists of a number of individual fund transfers that are bundled for transmission, whether the individual fund transfers are intended ultimately for one or more payees;
      (b) "beneficiary institution" means the Financial InstitutionG that receives the fund transfer from the ordering institution, whether directly or through an intermediary institution, and makes the funds available to the payee;
      (c) "cover payment" means a fund transfer that combines a payment message sent directly by the ordering institution to the beneficiary institution with the routing of the funding instruction from the ordering institution to the beneficiary institution through one or more intermediary institutions;
      (d) "cross-border fund transfer" means a fund transfer where the ordering institution and the beneficiary institution are located in different countries and includes any chain of fund transfers in which at least one of the Financial InstitutionsG involved is located in a different country;
      (e) "customer identification number" means a number that is different from the unique transactionG reference number and:
      (i) uniquely identifies the payer to the ordering institution; and
      (ii) refers to a record held by the ordering institution that contains at least one of the following: the payer's address, national identity number or date and place of birth;
      (f) "domestic fund transfer" means a fund transfer where the ordering institution and beneficiary institution are located in the same country and includes any chain of fund transfers that takes place entirely within a country, even if the system used to transfer the payment message is located in another country;
      (g) "fund transfer" means any transactionG carried out on behalf of a payer through a Financial InstitutionG by electronic means with a view to making an amount of funds available to a payee at a beneficiary institution, irrespective of whether the payer and the payee are the same person;
      (h) "intermediary institution" means the Financial InstitutionG in a serial payment or cover payment chain that receives and transmits a fund transfer on behalf of the ordering institution and the beneficiary institution, or another intermediary institution;
      (i) "ordering institution" means the Financial InstitutionG that transfers the funds upon receiving the request for a fund transfer on behalf of the payer;
      (j) "payee" means the natural or legal personG identified by the payer as the recipient of the requested fund transfer;
      (k) "payer" means the account holder who allows the fund transfer from that account or, if there is no account, the natural or legal personG that places the fund transfer order with the ordering institution to perform the fund transfer;
      (l) "serial payment" means a direct sequential chain of payment where the fund transfer and accompanying payment message travel together from the ordering institution to the beneficiary institution, directly or through one or more intermediary institutions;
      (m) "straight-through processing" means payment transactionsG that are conducted electronically without the need for manual intervention; and
      (n) "unique transaction reference number" means a combination of letters, numbers or symbols, determined by the Financial InstitutionG in accordance with the protocols of the payment and settlement system or messaging system used for the fund transfer, and which permits the traceability of the fund transfer.
      Derived from RM117/2013 [VER9/07-13]
      [Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]