Entire Section

  • AML 1 AML 1 Introduction

    • AML 1.1 AML 1.1 Application

      • AML 1.1.1

        This module (AML) applies to:

        (a) every Relevant Person in respect of all its activities carried on in or from the DIFC;
        (b) the persons specified in Rule 1.2.1 as being responsible for a Relevant Person's compliance with this module; and
        (c) a Relevant Person, which is a DIFC entity, to the extent required by Rule 14.1.

        except to the extent that a provision of AML provides for a narrower application.
        Derived from RM117/2013 [VER9/07-13]
        [Amended] DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]

      • AML 1.1.2

        For the purposes of these Rules, a Relevant Person means:

        (a) an Authorised Firm other than a Credit Rating Agency;
        (b) an Authorised Market Institution;
        (c) a DNFBP; or
        (d) a Registered Auditor.
        Derived from RM117/2013 [VER9/07-13]
        [Amended] DFSA RM132/2014 (Made 21st August 2014). [VER10/06-14]

    • AML 1.2 AML 1.2 Responsibility for compliance with this module

      • AML 1.2.1

        (1) Responsibility for a Relevant Person's compliance with this module lies with every member of its senior management.
        (2) In carrying out their responsibilities under this module every member of a Relevant Person's senior management must exercise due skill, care and diligence.
        (3) Nothing in this Rule precludes the DFSA from taking enforcement action against any person including any one or more of the following persons in respect of a breach of any Rule in this module:
        (a) a Relevant Person;
        (b) members of a Relevant Person's senior management; or
        (c) an Employee of a Relevant Person.
        Derived from RM117/2013 [VER9/07-13]

    • AML 1.3 AML 1.3 Application table

      • AML 1.3 Guidance

        Relevant Person Applicable Chapters
        Authorised Person 1–14
        Representative Office 1–5* 10- 14
        Registered Auditor 1 -8 10–14
        DNFBP 1–8 10–15

        * Chapters 6–9 are unlikely to apply to a Representative Office as such an office is only permitted to carry on limited activities in the DIFC and therefore must not have Customers.

        Derived from RM117/2013 [VER9/07-13]
        [Amended] DFSA RM132/2014 (Made 21st August 2014). [VER10/06-14]
        [Amended] DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]