W 025/08 AML — Man Investments (Middle East) Ltd
|To||Man Investments (Middle East) Ltd|
|Address||Level 5, West Wing, The Gate, DIFC, PO Box 73221, Dubai|
|DFSA Firm Reference No.||F000066|
THE DFSA HEREBY GIVES NOTICE THAT:
The Rules specified in the left hand column of the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.
The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.
(1) The obligations under Rules 3.4.1 and 3.4.2 must, subject to (4), be fulfilled before the Authorised Firm effects any Transaction on behalf of the customer.
(2) It is an Authorised Firm’s responsibility when it next has contact with a customer who was an existing customer, prior to the Authorised Firm’s authorisation by the DFSA, to assess whether it has performed the identification of that customer which would have been required had these Rules been applicable when the customer became a customer, and to obtain without delay any missing information or evidence about the true identity of all relevant parties.
(3) With regard to Insurance Business carried on in or from the DIFC, if it is necessary for sound business reasons to enter into an insurance contract before the identification requirements under Rules 3.4.1 and 3.4.2 can be completed:
(a) an Authorised Firm must have controls which ensure that any money received is not passed on to any Person until the customer identification requirements have been fulfilled; or
(b) a member of the senior management of an Authorised Firm may authorise in writing the payment of the money.
(4) The Authorised Firm does not have to fulfil the obligations under Rules 3.4.1 and 3.4.2 before a Transaction is effected where it has, on reasonable grounds, established that:
(a) following a preliminary risk assessment the proposed Transaction presents a low risk in relation to money laundering and terrorist financing;
(b) it would be prejudicial to the customer to interrupt or delay the normal course of business in respect of effecting the Transaction; and
(c) the Transaction is in respect of subscription for Units.
(5) Where the Authorised Firm is unable to establish and verify the identity of the customer referred to in (4) within the 30 days following the receipt of an application for subscription for a Unit it must:
(a) consider the circumstances and determine whether to make an internal Suspicious Transaction Report to the MLRO;
(b) where it has determined not to make such a report, return to the customer any monies associated with the Transaction excluding any reasonable costs incurred by the Authorised Firm;
(c) where the Authorised Firm has determined to make such a report, not return any monies or provide any Units to the customer, but instead it must act in accordance with instructions issued by the MLRO; and
(d) not establish any further customer relationship with that customer until the verification process has been completed for that customer in accordance with the AML Rules.
This notice comes into effect on the date of issue of this notice and remains in force until further notice.
The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.
Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.
THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:
|Name :||David Knott|
|Position :||Chief Executive|
|DATE OF ISSUE:||9 April 2008|