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  • AML 15.4 AML 15.4 Transitional

    Derived from DFSA RM223/2018 (Made 18th April 2018). [VER14/07-18]

    • AML 15.4.1 AML 15.4.1

      (1) This Rule applies to a Person who, immediately before the commencement date, was registered as a DNFBP, other than a Person who was registered as a DNFBP by reason only of being a dealer in any saleable item of a price equal to or greater than $15,000. (2) The Person is on the commencement date taken to continue to be registered by the DFSA as a DNFBP. (3) The Person must, by no later than the end of the transitional period, certify in writing to the DFSA:

      (a) that it continues to carry on its DNFBP business or profession in or from the DIFC;
      (b) the names of the individuals who comprise its senior management;
      (c) details of its beneficial owners;
      (d) the name of the individual it has appointed as MLRO; and
      (e) that it has in place adequate resources and systems and controls to comply with applicable anti-money laundering requirements under the Law, these Rules and Federal AML legislation.

      (4) The DFSA may require the certification in (3) to be in such form and verified in such manner as it thinks fit.

      (5) In this Rule:

      (a) "commencement date" means the day on which the Regulatory Law Amendment Law 2018 comes into force; and
      (b) "transitional period" means the period starting on the commencement date and ending three months after that date.
      Derived from DFSA RM223/2018 (Made 18th April 2018). [VER14/07-18]

      • AML 15.4.1 Guidance

        If a DNFBP fails to provide the duly completed certification to the DFSA by the end of the transitional period, it will contravene these Rules. The DFSA may because of that failure take steps to suspend or withdraw the DNFBP's registration.

        Derived from DFSA RM223/2018 (Made 18th April 2018). [VER14/07-18]