AML 11 AML 11 Money Laundering Reporting Officer
AML 11.1 AML 11.1 [Deleted]
[deleted]Deleted by DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]
AML 11.1.1 [Deleted]Deleted by DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]
AML 11.2 AML 11.2 Appointment of a MLRO
AML 11.2.1(1) A
Relevant Personmust appoint an individual as MLRO, with responsibility for implementation and oversight of its compliance with the Rules in this module, who is suitable to perform the role and has an appropriate level of seniority and independence to act in the role.(2) The MLROin (1) and AML Rule 11.2.5 must be resident in the U.A.E, except in the case of the MLRO for a Registered Auditor.
AML 11.2.2 AML 11.2.2
The individual appointed as the
MLROof a Representative Officemust be the same individual who holds the position of Principal Representativeof that Representative Office.
AML 11.2.2 Guidance1.
Authorised Firmsare reminded that under GEN Rule 7.5.1, the MLROfunction is a mandatory appointment. For the avoidance of doubt, the individual appointed as the MLROof an Authorised Firm, other than a Representative Office, is the same individual who holds the Licensed Functionof M oney Laundering Reporting Officerof that Authorised Firm. Authorised Firmsare also reminded that the guidance under GEN Rule 7.5.2 sets out the grounds under which the DFSAwill determine whether to grant a waiver from the residence requirements for an MLRO. The same guidance would apply by analogy to other Relevant Personsseeking a waiver from the MLROresidence requirements.2. The individual appointed as the MLROof an Authorised Market Institutionis the same individual who holds the position of Money Laundering Reporting Officerof that Authorised Market Institutionunder the relevant AMIRule.
Authorised Firm, other than a Representative Office, must appoint an individual to act as a deputy MLROof the Authorised Firmto fulfil the role of the MLROin his absence.
AML 11.2.4 AML 11.2.4
Relevant Person's MLROmust deal with the DFSAin an open and co-operative manner and must disclose appropriately any information of which the DFSA would reasonably be expected to be notified.
AML 11.2.4 Guidance1. The individual appointed as the deputy
MLROof an Authorised Firmneed not apply for Authorised Individualstatus for performing the Licensed Functionof Money Laundering Reporting Officer, subject to Rules in GEN section 11.6.2. A Relevant Personother than an Authorised Firmshould make adequate arrangements to ensure that it remains in compliance with this module in the event that its MLROis absent. Adequate arrangementswould include appointing a temporary MLROfor the period of the MLRO'sabsence or making sure that the Relevant Person'sAML systems and controls allow it to continue to comply with these Rules when the MLROis absent.Derived from RM117/2013 [VER9/07-13]
AML 11.2.5 AML 11.2.5
Relevant Personmay outsource the role of MLROto an individual outside the Relevant Personprovided that the relevant individual under the outsourcing agreement is and remains suitable to perform the MLROrole.
AML 11.2.5 Guidance
Relevant Personoutsources specific AML tasks of its MLROto another individual or a third party provider, including within a corporate Group, the Relevant Personremains responsible for ensuring compliance with the responsibilities of the MLRO. The Relevant Personshould satisfy itself of the suitability of anyone who acts for it.
AML 11.3 AML 11.3 Qualities of a MLRO
AML 11.3.1 AML 11.3.1
Relevant Personmust ensure that its MLROhas:(a) direct access to its senior management;(b) sufficient resources including, if necessary, an appropriate number of appropriately trained Employeesto assist in the performance of his duties in an effective, objective and independent manner;(c) a level of seniority and independence within the Relevant Personto enable him to act on his own authority; and(d) timely and unrestricted access to information sufficient to enable him to carry out his responsibilities in Rule 11.4.1.
AML 11.3.1 Guidance
DFSAconsiders that a Relevant Personwill need to consider this Rule when appointing an outsourced MLRO. Any external MLROthat is appointed will need to have the actual or effective level of seniority that the role requires.
AML 11.4 AML 11.4 Responsibilities of a MLRO
Relevant Personmust ensure that its MLROimplements and has oversight of and is responsible for the following matters:(a) the day-to-day operations for compliance by the Relevant Personwith its AML policies, procedures, systems and controls;(b) acting as the point of contact to receive notifications from the Relevant Person's Employeesunder AML Rule 13.2.2;(c) taking appropriate action under AML Rule 13.3.1 following the receipt of a notification from an Employee;(d) making Suspicious Activity Reportsin accordance with Federal AML legislation;(e) acting as the point of contact within the Relevant Personfor competent U.A.E.authorities and the DFSAregarding money laundering issues;(f) responding promptly to any request for information made by competent U.A.E.authorities or the DFSA;(g) receiving and acting upon any relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in chapter 10; and(h) establishing and maintaining an appropriate money laundering training programme and adequate awareness arrangements under chapter 12.