Entire Section

  • AML 16 AML 16 Transitional Rules

    • AML 16.1 AML 16.1 Application

      • AML 16.1.1

        This chapter applies to every person to whom a provision of the Previous Regime applied.

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

      • AML 16.1.2

        For the purposes of this chapter:

        (a) "Ancillary Service Provider" has the meaning that it had under the Previous Regime;
        (b) "Commencement Date" means 14 July 2013;
        (c) "Current Regime" means the Rules in force on the Commencement Date;
        (d) "DNFBP" has the meaning that it had in DNF chapter 2 under the Previous Regime; and
        (e) "Previous Regime" means the Rules that were in force immediately prior to the Commencement Date.
        Derived from RM117/2013 [VER9/07-13]
        [Amended] DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]

    • AML 16.2 AML 16.2 General

      • AML 16.2.1

        A Relevant Person must continue to maintain any records required to be maintained under the Previous Regime until such time as the requirement to hold such record would have expired had the Previous Regime still been in force.

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

    • AML 16.3 AML 16.3 Specific relief — Ancillary Service Provider and DNFBPs

      • AML 16.3.1

        A person who, immediately prior to the Commencement Date, was an Ancillary Service Provider or was registered as a DNFBP is deemed, on the Commencement Date, to be registered as a DNFBP for the purposes of the Current Regime.

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