Entire Section

  • AML 13.3 AML 13.3 Suspicious Activity Report

    • AML 13.3.1

      A Relevant Person must ensure that where the Relevant Person's MLRO receives a notification under AML Rule 13.2.2, the MLRO, without delay:

      (a) inquires into and documents the circumstances in relation to which the notification made under AML Rule 13.2.2 was made;
      (b) determines whether in accordance with Federal AML legislation a Suspicious Activity Report must be made to the FIU and documents such determination;
      (c) if required, makes a Suspicious Activity Report to the FIU as soon as practicable; and
      (d) notifies the DFSA of the making of such Suspicious Activity Report immediately following its submission to the FIU.
      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 RM258/2019 (Made 26th June 2019). [VER16/07-19]

    • AML 13.3.2

      Where, following a notification to the MLRO under 13.2.2, no Suspicious Activity Report is made, a Relevant Person must record the reasons for not making a Suspicious Activity Report.

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

    • AML 13.3.3 AML 13.3.3

      A Relevant Person must ensure that if the MLRO decides to make a Suspicious Activity Report, his decision is made independently and is not subject to the consent or approval of any other person.

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

      • AML 13.3.3 Guidance

        1. Relevant Persons are reminded that the failure to report suspicions of money laundering or terrorist financing may constitute a criminal offence that is punishable under the laws of the State.
        2. SARs under Federal AML legislation should be sent to the FIU via the FIU's electronic system or by other means approved by the FIU.
        3. In the preparation of a SAR, if a Relevant Person knows or assumes that the funds which form the subject of the report do not belong to a customer but to a third party, this fact and the details of the Relevant Person's proposed course of further action in relation to the case should be included in the report.
        4. If a Relevant Person has reported a suspicion to the FIU, it must in accordance with the Federal AML legislation provide any additional information requested by the FIU. The FIU may instruct the Relevant Person on how to continue its business relationship, including effecting any transaction with a person. If the customer in question expresses his wish to move the funds before the Relevant Person receives instruction from the FIU on how to proceed, the Relevant Person should immediately contact the FIU for further instructions.
        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 RM258/2019 (Made 26th June 2019). [VER16/07-19]

    • AML 13.3.4 [Deleted]

      Deleted by DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]