AML 8.1.1 Guidance

1. In complying with AML Rule 8.1.1(3)(a), "immediately obtaining the necessary CDD information" means obtaining all relevant CDD information, and not just basic information such as name and address. Compliance can be achieved by having that relevant information sent by email or other appropriate means. For the avoidance of doubt, a Relevant Person is not required automatically to obtain the underlying certified documents used by the third party to undertake its CDD. A Relevant Person must, however, under AML Rule 8.1.1(3)(b) ensure that the certified documents are readily available from the third party on request.
2. The DFSA would expect a Relevant Person, in complying with AML Rule 8.1.1(5), to fill any gaps in the CDD process as soon as it becomes aware that a customer or Beneficial Owner has not been identified and verified in a manner consistent with these Rules.
3. If a Relevant Person acquires another business, either in whole or in part, the DFSA would permit the Relevant Person to rely on the CDD conducted by the business it is acquiring but would expect the Relevant Person to have done the following:
a. as part of its due diligence for the acquisition, to have taken a reasonable sample of the prospective customers to assess the quality of the CDD undertaken; and
b. to undertake CDD on all the customers to cover any deficiencies identified in a. as soon as possible following the acquisition, prioritising high risk customers.
4. Where a particular jurisdiction's laws (such as secrecy or data protection legislation) would prevent a Relevant Person from having access to CDD information upon request without delay as referred to in AML Rule 8.1.1(3)(b), the Relevant Person should undertake the relevant CDD itself and should not seek to rely on the relevant third party.
5. If a Relevant Person relies on a third party located in a foreign jurisdiction to conduct one or more elements of CDD on its behalf, the Relevant Person must ensure that the foreign jurisdiction has AML regulations that are equivalent to the standards in the FATF Recommendations (see AML Rule 8.1.1(3)(c) and AML Rule 8.1.2).
Derived from RM117/2013 [VER9/07-13]
[Amended] DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]
[Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]