AML 15.1.2

(1) To be registered as a DNFBP, an applicant must demonstrate to the DFSA's satisfaction that:

(a) it is fit and proper to perform anti-money laundering functions; and
(b) it has adequate resources and systems and controls, including policies and procedures, to comply with applicable anti-money laundering requirements under Federal AML legislation, the Regulatory Law and these Rules.

(2) In assessing if an applicant is fit and proper under (1)(a), the DFSA may, without limiting the matters it may take into account under that paragraph, consider the applicant, its senior management, its beneficial owners, other entities in its Group and any other person with whom it has a relationship.

(3) The DFSA will in assessing if an applicant is fit and proper, consider the cumulative effect of matters that, if taken individually, may be regarded as insufficient to give reasonable cause to doubt the fitness and propriety of the applicant.

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