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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 7.3.3

    (1) If a customer is a body corporate, a Relevant PersonG must identify and verify the Beneficial OwnersG under AML Rule 7.3.1(1)(b) in accordance with this Rule.
    (2) The Relevant PersonG must identify:
    (a) the natural persons who ultimately have a controlling ownership interest in the body corporate, whether legal or beneficial, direct or indirect; and
    (b) if there is any doubt about whether the natural persons identified under (a) exert control through ownership interests, or if no natural person exerts control through ownership interests, the natural persons exercising control of the body corporate through other means.
    (3) A Relevant PersonG does not have to identify an ownership interest under (2)(a) if, having regard to a risk-based assessment of the customer, it is reasonably satisfied that the ownership interest is minor and in the circumstances poses no or negligible risk of money laundering.
    (4) If a Relevant PersonG has exhausted all possible means but has not been able to identify the Beneficial OwnersG under (2), and provided it has no grounds for suspecting money laundering, it must treat the senior management of the body corporate as the Beneficial OwnersG .
    (5) If (4) applies, the Relevant PersonG must keep a record in writing of all the actions it has taken to identify the Beneficial OwnersG of the body corporate.
    Derived from DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]

    • AML 7.3.3 Guidance

      1. In exceptional circumstances, a Relevant PersonG may not be able to identify any natural person as the ultimate owner or controller of a body corporate. In such a case, provided it has exhausted all other means of identifying the owner or controller and it has no grounds for suspecting money laundering, it can treat each of the members of the senior management of the body corporate as the Beneficial OwnersG (see AML Rule 7.3.3(4)). However, in such a case the Relevant PersonG will need to keep records of all the actions it has taken to identify the Beneficial OwnersG (see AML Rule 7.3.3(5)).
      2. If the ownership or control arrangements of a customer are of such a nature that the Relevant PersonG is prevented from identifying the Beneficial OwnersG (for example, if Beneficial OwnersG hold bearer shares or other negotiable instruments and there is no effective system for recording the current holder of the shares or instruments), the Relevant PersonG is prohibited from establishing a business relationship with the customer under AML Rule 6.1.4.
      3. For more detailed Guidance on identifying and verifying Beneficial OwnersG , see the guidance on CDDG at the end of AML section 7.3.
      Derived from DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]