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.
Derived from DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]
[Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]