AML 7.6.1 Guidance

1. In complying with Rule 7.6.1(1)(d), a Relevant Person should undertake a periodic review to ensure that non-static customer identity documentation is accurate and up-to-date. Examples of non-static identity documentation include passport number and residential/business address and, for a legal person, its share register or list of partners.
2. A Relevant Person should undertake a review under Rule 7.6.1(1)(d) and (e), both periodically and at other appropriate times such as when:
a. the Relevant Person changes its CDD documentation requirements;
b. an unusual transaction with the customer is expected to take place;
c. there is a material change in the business relationship with the customer; or
d. there is a material change in the nature or ownership of the customer.
3. The degree of the on-going due diligence to be undertaken will depend on the customer risk assessment carried out under Rule 6.1.1.
4. A Relevant Person's transaction monitoring policies, procedures, systems and controls, which may be implemented by manual or automated systems, or a combination thereof, are one of the most important aspects of effective CDD. Whether a Relevant Person should undertake the monitoring by means of a manual or computerised system (or both) will depend on a number of factors, including:
a. the size and nature of the Relevant Person's business and customer base; and
b. the complexity and volume of customer transactions.
Derived from RM117/2013 [VER9/07-13]
[Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]