Guidance on Shell Banks
8. AML Rule 6.1.5 prohibits a
Relevant Person from establishing or maintaining a business relationship with a Shell Bank. A Shell Bank is a bank that has no physical presence in the country in which it is incorporated or licensed, and is not affiliated with a regulated financial Group that is subject to effective consolidated supervision. The DFSA does not consider that the existence of a local agent or low level staff constitutes physical presence.