Entire Section

  • GEN 7 GEN 7 Authorisation

    • GEN 7.1 GEN 7.1 Application

      • GEN 7.1.1 GEN 7.1.1

        (1) This chapter applies, subject to (2), to every Person who is:
        (a) an Authorised Firm;
        (b) an applicant for a Licence to be an Authorised Firm;
        (c) an Authorised Individual;
        (d) an applicant for Authorised Individual status; or
        (e) a Controller of a Person referred to in (a) or (b).
        (2) This chapter does not apply to a Person intending to:
        (a) Operate an Exchange;
        (b) Operate a Clearing House; or
        (c) Operate a Representative Office.
        Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
        [Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]

        • GEN 7.1.1 Guidance

          1. This chapter outlines DFSA's authorisation requirements for an Authorised Firm and Authorised Individual.
          2. The DFSA's requirements for authorisation of:
          a. Authorised Market Institutions are covered by the AMI module; and
          b. Representative Offices are covered by the REP module.
          3. The DFSA's requirements for registration of DNFBPs are found in the AML module.
          4. This chapter should be read in conjunction with the RPP Sourcebook which sets out DFSA's general regulatory policy and processes. Some additional processes may be outlined in other chapters of this module.
          5. Chapter 2 of the RPP Sourcebook sets out DFSA's approach to the authorisation of undertakings and individuals to conduct Financial Services or Licensed Functions, as the case may be.
          Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
          [Amended] DFSA RM119/2013 (Made 14th July 2013). [VER33/07-13]

    • GEN 7.2 GEN 7.2 Application for a Licence

      • GEN 7.2.1

        A Person, who intends to carry on one or more Financial Services in or from the DIFC must apply to the DFSA for a Licence, in accordance with the Rules in this section.

      • GEN 7.2.2 GEN 7.2.2

        (1) The DFSA will only consider an application for a Licence from a Person who, subject to (2), (4) and (5), is:
        (a) a Body Corporate; or
        (b) a Partnership;
        and who is not an Authorised Market Institution.
        (2) If the application is in respect of either or both of the following Financial Services:
        (a) Effecting Contracts of Insurance;
        (b) Carrying Out Contracts of Insurance,
        the applicant must be a Body Corporate.
        (3) Deleted.
        (4) If the application is in respect of the Financial Service of Managing a Collective Investment Fund or Acting as the Trustee of a Fund, the applicant must be a Body Corporate.
        (5) If the application is for the Financial Service of:
        (a) Operating an Employee Money Purchase Scheme, the applicant must be a Body Corporate; and
        (b) Acting as the Administrator of an Employee Money Purchase Scheme, the applicant must be a Body Corporate incorporated under the DIFC Companies Law.
        Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
        [Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]
        [Amended] DFSA RM229/2018 (Made 6th June 2018). [VER42/08-18]
        [Amended] DFSA RMI260/2019 (Made 18th December 2019). [VER47/01-20]

        • GEN 7.2.2 Guidance

          (1) Section 2.2.8 of the RPP Sourcebook sets out matters which the DFSA takes into consideration when making an assessment under Rule 7.2.2.
          (2) A Body Corporate incorporated under the DIFC Companies Law can be a Private Company or a Public Company.
          [Added] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]
          [Added] DFSA RMI260/2019 (Made 18th December 2019). [VER47/01-20]

      • GEN 7.2.3

        A Person licensed by the Emirates Securities and Commodities Authority to trade on an U.A.E. exchange will not be granted a Licence by the DFSA unless that Person has the prior approval of the Emirates Securities and Commodities Authority.

      • GEN 7.2.4 GEN 7.2.4

        A Person applying for a Licence must complete and submit the appropriate form or forms in AFN.

        • GEN 7.2.4 Guidance

          A Person submitting an application under Rule 7.2.4 is required to:

          a. pay the appropriate application fee as set out in FER; and
          b. include information relating to its Controllers, completed by the relevant Controllers themselves, in the appropriate form in AFN.
          Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
          [Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]

      • Consideration and assessment of applications

        • GEN 7.2.5

          In order to become authorised to carry on one or more Financial Services, the applicant must demonstrate to the satisfaction of the DFSA that it:

          (a) has adequate resources, including financial resources;
          (b) is fit and proper; and
          (c) has adequate compliance arrangements, including policies and procedures, that will enable it to comply with all the applicable legal requirements, including the Rules.
          [Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]

      • Adequate resources

        • GEN 7.2.6 GEN 7.2.6

          In assessing whether an applicant has adequate resources, the DFSA will consider:

          (a) how the applicant will comply with the applicable provisions of PIB or PIN;
          (b) the provision the applicant makes in respect of any liabilities, including contingent and future liabilities;
          (c) the means by which the applicant and members of its Group manage risk in connection with their business; and
          (d) the rationale for, and basis of, the applicant's business plan.
          [Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]

          • GEN 7.2.6 Guidance

            A Credit Rating Agency is not subject to any specific capital requirements in PIB. Instead, it is required, pursuant to Rules 4.2.4 and 7.2.6 to have and maintain adequate financial resources to manage its affairs prudently and soundly.

            Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
            [Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]

      • Fitness and propriety

        • GEN 7.2.7 GEN 7.2.7

          (1) In assessing whether an applicant is fit and proper, the DFSA will consider:
          (a) the fitness and propriety of the members of its Governing Body;
          (b) the suitability of the applicant's Controllers or any other Person;
          (c) the impact a Controller might have on the applicant's ability to comply with the applicable requirements;
          (d) the Financial Services concerned;
          (e) the activities of the applicant and any associated risks that those activities pose to the DFSA's objectives described under Article 8(3) of the Regulatory Law 2004;
          (f) whether the applicant's affairs will be conducted and managed in a sound and prudent manner;
          (g) any matter which may harm or may have harmed the integrity or the reputation of the DFSA or DIFC; and
          (h) any other relevant matters.
          (2) The DFSA will, in assessing the matters in (1), consider the cumulative effect of factors which, if taken individually, may be regarded as insufficient to give reasonable cause to doubt the fitness and propriety of an applicant.
          [Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]

          • GEN 7.2.7 Guidance

            Section 2.2 of the RPP Sourcebook sets out matters which the DFSA takes into consideration when making an assessment under Rule 7.2.7.

            [Added] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]

      • Compliance arrangements

        • GEN 7.2.8

          In assessing whether an applicant has adequate compliance arrangements, the DFSA will consider whether it has:

          (a) clear and comprehensive policies and procedures relating to compliance with all applicable legal requirements including the Rules;
          (b) adequate means to implement those policies and procedures and monitor that they are operating effectively and as intended.
          [Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]

        • GEN 7.2.9

          In assessing an application for a Licence, the DFSA may:

          (a) make any enquiries which it considers appropriate, including enquiries independent of the applicant;
          (b) require the applicant to provide additional information;
          (c) require the applicant to have information on how it intends to ensure compliance with a particular Rule;
          (d) require any information provided by the applicant to be verified in any way that the DFSA specifies; and
          (e) take into account any information which it considers relevant.

        • GEN 7.2.10

          (1) In assessing an application for a Licence the DFSA may, by means of written notice, indicate the legal form that the applicant may adopt to enable authorisation to be granted.
          (2) Where the DFSA thinks it appropriate it may treat an application made by one legal form or Person as having been made by the new legal form or Person.

        • GEN 7.2.11

          In assessing an application for a Licence authorising the applicant to Operate an Alternative Trading System, the DFSA will have regard to, but is not limited to, considering the following matters:

          (a) whether the establishment of an Alternative Trading System is, or is likely to be, in the interests of the Financial Services and Markets industry;
          (b) whether the Alternative Trading System will or is likely to lead to more efficient price discovery of, or deepen liquidity in, an Investment; and
          (c) whether there is any risk of market fragmentation, loss of liquidity or inefficiency in price discovery as a result of the proposed Alternative Trading System operation.

    • GEN 7.3 GEN 7.3 Applications for endorsements

      Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
      [Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

      • Carrying on service with or for a Retail Client

        • GEN 7.3.1

          The following requirements must be met by an Authorised Firm for the grant of an endorsement to carry on a Financial Service with or for a Retail Client:

          (a) the applicant must have adequate systems and controls for carrying on Financial Services with or for a Retail Client;
          (b) the applicant must have adequate systems and controls (including policies and procedures) to ensure compliance with the requirements in COB relevant to Retail Clients;
          (c) the applicant must have adequate systems and controls to ensure that its Employees remain competent and capable to perform the functions which are assigned to them, in particular, functions that involve dealing with Retail Clients; and
          (d) the applicant must have adequate Complaint handling policies and procedures.
          Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
          [Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

      • Acting as a Trade Repository

        • GEN 7.3.2

          The requirements in App 5 must be met by an Authorised Firm for the grant of an endorsement to act as a Trade Repository.

          [Added] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

      • Endorsement to hold Client Assets or Insurance Monies

        • GEN 7.3.3

          An Authorised Firm applying for an endorsement to hold or control Client Assets must satisfy the DFSA that it has in place adequate systems and controls to meet the applicable requirements in COB sections 6.11 to 6.14.

          Derived from DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

        • GEN 7.3.4

          An Insurance Intermediary or Insurance Manager applying for an endorsement to hold Insurance Monies must satisfy the DFSA that it has in place adequate systems and controls to meet the applicable requirements in COB section 7.12.

          Derived from DFSA RM166/2016 (Made 10th February 2016). [VER36/04-16]

      • Endorsement relating to Long-Term Insurance

        • GEN 7.3.5

          An Insurance Intermediary applying for an endorsement to conduct activities relating to contracts of Long-Term Insurance must satisfy the DFSA that it has adequate skills and knowledge relating to underlying investments of Long-Term Insurance.

          Derived from DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

      • Endorsement to use a Fund Platform

        • GEN 7.3.6

          A Person applying for an endorsement to use a Fund Platform must:
          (a) be authorised to Manage a Collective Investment Fund; and
          (b) satisfy the DFSA that the Incorporated Cell Company that is to be the Fund Platform:
          (i) has adequate systems and controls to establish, manage, operate or wind up the type or specialist classes of Funds proposed to be established as Incorporated Cells of that Incorporated Cell Company; and
          (ii) can carry out those activities in accordance with the requirements under the Collective Investment Law 2010 and CIR that apply to the relevant type or specialist classes of Funds referred to in (i).
          Derived from DFSA RMI247/2019 (Made 18th December 2019). [VER45/12-19]

    • GEN 7.4 GEN 7.4 Licensed Functions and Authorised individuals

      • GEN 7.4.1

        (1) Pursuant to Article 43 of the Regulatory Law 2004, the functions specified in Rules 7.4.2 to 7.4.9 are Licensed Functions.
        (2) A Licensed Function shall not include a function performed by a registered insolvency practitioner (subject to the restrictions defined within Article 88 of the Insolvency Law 2009) if the practitioner is:
        (a) acting as a nominee in relation to a company voluntary arrangement within the meaning of Article 8 of the Insolvency Law 2009;
        (b) appointed as a receiver or administrative receiver within the meaning of Article 14 of the Insolvency Law 2009;
        (c) appointed as a liquidator in relation to a members' voluntary winding up within the meaning of Article 32 of the Insolvency Law 2009;
        (d) appointed as a liquidator in relation to a creditors' voluntary winding up within the meaning of Article 32 of the Insolvency Law 2009; or
        (e) appointed as a liquidator or provisional liquidator in relation to a compulsory winding up within the meanings of Article 58 and 59 of the Insolvency Law 2009.
        (3) A Licensed Function shall not include a function performed by an individual appointed to act as manager of the business of an Authorised Firm or Authorised Market Institution as directed by the DFSA under Article 88 of the Regulatory Law 2004.
        Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
        [Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]
        [Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

      • Senior Executive Officer

        • GEN 7.4.2

          The Senior Executive Officer function is carried out by an individual who:

          (a) has, either alone or jointly with other Authorised Individuals, ultimate responsibility for the day-to-day management, supervision and control of one or more (or all) parts of an Authorised Firm's Financial Services carried on in or from the DIFC; and
          (b) is a Director, Partner or Senior Manager of the Authorised Firm.

      • Senior Manager

        • GEN 7.4.7 GEN 7.4.7

          The Senior Manager function is carried out by an individual who is responsible either alone or jointly with other individuals for the management, supervision or control of one or more parts of an Authorised Firm's Financial Services who is:

          (a) an Employee of the Authorised Firm; and
          (b) not a Director or Partner of the Authorised Firm.

          • GEN 7.4.7 Guidance

            In respect of a Fund, the DFSA would expect the Fund Manager to appoint at least one individual other than the Senior Executive Officer to carry out Senior Manager functions in relation to the Fund such as managing operational risk and other internal controls.

      • Money Laundering Reporting Officer

        • GEN 7.4.8

          The Money Laundering Reporting Officer function is carried out by an individual who is a Director, Partner or Senior Manager of an Authorised Firm and who has responsibility for the implementation of an Authorised Firm's anti money laundering policies, procedures, systems and controls and day to day oversight of its compliance with the Rules in AML and any relevant anti money laundering legislation applicable in the DIFC.

          Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
          [Amended] DFSA RM119/2013 (Made 14th July 2013). [VER33/07-13]

      • Responsible Officer

        • GEN 7.4.9 GEN 7.4.9

          The Responsible Officer function is carried out by an individual who:

          (a) has significant responsibility for the management of one or more aspects of an Authorised Firm's affairs;
          (b) exercises a significant influence on the firm as a result of (a); and
          (c) is not an Employee of the Authorised Firm.

          • GEN 7.4.9 Guidance

            1. The Licensed Function of Responsible Officer applies to an individual employed by a Controller or other Group company who is not an Employee of the Authorised Firm, but who has significant responsibility for, or for exercising a significant influence on, the management of one or more aspects of the Authorised Firm's business.
            2. Examples of a Responsible Officer might include an individual responsible for the overall strategic direction of an Authorised Firm or a regional manager to whom a Senior Executive Officer reports and from whom he takes direction.

        • GEN 7.4.10 GEN 7.4.10

          An Authorised Individual may perform one or more Licensed Functions for one or more Authorised Firms.

          • GEN 7.4.10 Guidance

            1. In considering whether to grant an individual Authorised Individual status with respect to more than one Authorised Firm, the DFSA will consider each Licensed Function to be carried out and the allocation of responsibility for that individual among the Authorised Firms.
            2. In the above situation the DFSA will need to be satisfied that the individual will be able to carry out his role effectively, is fit and proper to do so, and that there are no conflicts of interest or that any actual or potential conflicts of interest are appropriately managed.

    • GEN 7.5 GEN 7.5 Mandatory appointments

      • GEN 7.5.1 GEN 7.5.1

        (1) An Authorised Firm must, subject to (2), make the following appointments and ensure that they are held by one or more Authorised Individuals at all times:
        (a) Senior Executive Officer;
        (b) Finance Officer;
        (c) Compliance Officer; and
        (d) Money Laundering Reporting Officer.
        (2) An Authorised Firm which is a Credit Rating Agency:
        (a) need not make the appointment referred to in (1)(b) and (d); and
        (b) must ensure that the appointments referred to in 1(a) and (c) are held by separate Authorised Individuals at all times.
        Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
        [Amended] DFSA RM96/2012 (Made 24th July 2012) [VER30/07-12]

        • GEN 7.5.1 Guidance

          1. This Guidance addresses a range of circumstances:
          a. one individual performing more than one function in a single firm, as contemplated in Rule 7.5.1;
          b. more than one individual performing one function in a single firm, not addressed by that Rule;
          c. one individual performing a single function in more than one firm, also not addressed by that Rule.
          2. The DFSA will only authorise an individual to perform more than one Licensed Function or combine Licensed Functions with other functions where it is satisfied that the individual is fit and proper to perform each Licensed Function or combination of Licensed Functions.
          3. In the above situation the DFSA will need to be satisfied that the individual will be able to carry out his role effectively, is fit and proper to do so, and that there are no conflicts of interest or that any actual or potential conflicts of interest are appropriately managed.
          4. Notwithstanding this Rule, an Authorised Firm would generally be expected to separate the roles of Compliance Officer and Senior Executive Officer. In addition, the roles of Compliance Officer, Finance Officer and Money Laundering Reporting Officer would not be expected to be combined with any other functions unless appropriate monitoring and control arrangements independent of the individual concerned will be implemented by the Authorised Firm. This may be possible in the case of a Branch, where monitoring and controlling of the individual (carrying out more than one role in the Branch) is conducted from the firm's home state by an appropriate individual for each of the relevant Licenced Functions. However, it is recognised that, on a case by case basis, there may be exceptional circumstances in which this may not always be practical or possible.
          5. In what it considers to be exceptional circumstances, the DFSA may register more than one individual to perform the Licensed Function of Compliance Officer in respect of different internal business divisions within a large Authorised Firm. In this regard the DFSA may consider, amongst other things, the nature, scale and complexity of the activities of the firm, the clarity of demarcation between areas of responsibility, the potential for gaps in responsibility, and processes of communication with the DFSA.
          6. The DFSA may also register an individual as the Compliance Officer for more than one Authorised Firm. The DFSA will only do this where it is satisfied that the individual is able to carry out his functions effectively in each firm taking into consideration factors such as the amount and nature of business conducted by the firms. Each Authorised Firm has a duty under GEN 5 to monitor its compliance arrangements to ensure, as far as reasonably practicable, that it complies with all legislation applicable in the DIFC.

      • GEN 7.5.2 GEN 7.5.2

        The Authorised Individuals referred to in Rule 7.5.1(1)(a), (c) and (d) must be resident in the U.A.E.

        Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
        [Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]

        • GEN 7.5.2 Guidance

          1. In appropriate circumstances, the DFSA may waive the requirement for a Compliance Officer or MLRO to be resident in the UAE. In determining whether to grant a waiver, the DFSA will consider a range of factors on a case by case basis focused on whether the firm can demonstrate that it has appropriate compliance arrangements (see GEN section 5.3). These factors may include, but are not limited to: the nature, scale and complexity of the activities of the firm; the ability of a remote officer to carry out his functions in differing time zones and a differing working week; the size, resourcing and capabilities of a remote compliance function; the ability of a remote officer to liaise and communicate readily with the DFSA; and the competency and capability of a remote officer and whether the remote officer is able effectively to undertake or supervise regular compliance monitoring and keep up to date with applicable Rules.
          2. The DFSA will also take into account factors such as the relevant regulatory experience of the proposed Authorised Individual and whether the applicant firm has previously been subject to financial services regulation.

      • GEN 7.5.4

        An Authorised Firm which is a Body Corporate (other than a Limited Liability Partnership) whose head office and registered office are located in the DIFC, must register with the DFSA all of its Directors as Licensed Directors.

      • GEN 7.5.5 GEN 7.5.5

        (1) In the case of an Authorised Firm which is a partnership established under either the DIFC General Partnership Law or Limited Liability Partnership Law, the Licensed Partner function must be carried out by:
        (a) each individual Partner who must be registered as a Licensed Partner; and
        (b) in the case of a Partner which is a Body Corporate, by an individual nominated by that Body Corporate and registered as a Licensed Partner to act on its behalf.
        (2) In the case of an Authorised Firm which is a partnership established under the DIFC Limited Partnership Law, the Licensed Partner function must be carried out by:
        (a) each individual General Partner who must be registered as a Licensed Partner; and
        (b) in the case of a General Partner which is a Body Corporate, by an individual nominated by that Body Corporate and registered as a Licensed Partner to act on its behalf.
        Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
        [Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]

        • GEN 7.5.5 Guidance

          An Authorised Firm that is a Branch is not required to register its Directors as Licensed Directors under Rule 7.5.4 or its Partners as a Licensed Partner under Rule 7.5.5.

          [Added] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]

    • GEN 7.6 GEN 7.6 Application for Authorised Individual status

      • GEN 7.6.1

        In submitting applications for Authorised Individual status, both the individual and Authorised Firm must complete and submit the appropriate form in AFN.

      • GEN 7.6.2

        When an individual and an Authorised Firm apply to the DFSA for that individual to be an Authorised Individual, the individual must satisfy the DFSA that he is a fit and proper person to carry out the role.

      • Consideration and assessment of applications

        • GEN 7.6.3 GEN 7.6.3

          An individual will only be authorised to carry on one or more Licensed Functions if the DFSA is satisfied that the individual is fit and proper to be an Authorised Individual. In making this assessment, the DFSA will consider:

          (a) the individual's integrity;
          (b) the individual's competence and capability;
          (c) the individual's financial soundness;
          (d) the individual's proposed role within the Authorised Firm; and
          (e) any other relevant matters.

        • GEN 7.6.4

          In Rule 7.6.3, an individual may not be considered as fit and proper where:

          (a) he is bankrupt;
          (b) he has been convicted of a serious criminal offence; or
          (c) he is incapable, through mental or physical incapacity, of managing his affairs.

        • GEN 7.6.5

          In assessing an application for Authorised Individual status, the DFSA may:

          (a) make any enquiries which it considers appropriate, including enquiries independent of the applicant;
          (b) require the individual or Authorised Firm to provide additional information;
          (c) require any information provided by the individual or Authorised Firm to be verified in any way specified by the DFSA; and
          (d) take into account any information which it considers appropriate.

        • GEN 7.6.6

          An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 11.6, unless that individual is an Authorised Individual who has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 7.6.7.

        • GEN 7.6.7

          In assessing the competence of an individual, an Authorised Firm must:

          (a) obtain details of the knowledge and skills of the individual in relation to the knowledge and skills required for the role;
          (b) take reasonable steps to verify the relevance, accuracy and authenticity of any information acquired;
          (c) determine whether the individual holds any relevant qualifications with respect to the Licensed Function or Licensed Functions performed, or proposed to be to performed, within the Authorised Firm;
          (d) determine the individual's relevant experience; and
          (e) determine the individual's knowledge of the Authorised Firm's relevant systems and procedures with respect to the type of business that is to be, or is being, conducted by the individual on behalf of the Authorised Firm.

        • GEN 7.6.8

          An Authorised Firm must be satisfied that an Authorised Individual:

          (a) continues to be competent in his proposed role;
          (b) has kept abreast of relevant market, product, technology, legislative and regulatory developments; and
          (c) is able to apply his knowledge.

        • GEN 7.6.10

          Before lodging an application with the DFSA, an Authorised Firm must make reasonable enquiries as to an individual's fitness and propriety to carry out a Licensed Function.

        • GEN 7.6.11

          An Authorised Firm must not lodge an application if it has reasonable grounds to believe that the individual is not fit and proper to carry out the Licensed Function.

      • Systems and controls

        • GEN 7.6.13 GEN 7.6.13

          An Authorised Firm must ensure, in the case of individuals seeking to perform the Licensed Functions of Senior Executive Officer, Money Laundering Reporting Officer or Compliance Officer, that such individuals are able to demonstrate sufficient knowledge of relevant anti money laundering requirements.

          • GEN 7.6.13 Guidance

            In considering whether individuals have sufficient knowledge of relevant anti money laundering requirements, the DFSA may be satisfied where the individual can demonstrate receipt of appropriate training specifically relevant to such requirements.

            Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
            [Amended] DFSA RM119/2013 (Made 14th July 2013). [VER33/07-13]

        • GEN 7.6.15

          (1) An Authorised Firm must keep records of the assessment process undertaken for each individual under this chapter.
          (2) These records must be kept for a minimum of six years from the date of the assessment.