Relevant persons must develop anti-money laundering policies and procedures around identifying the politically exposed person and apply adequate enhanced customer due diligence measures while establishing the business relationship or dealing with them.

The Practice Note specifies the procedures to be followed for identifying politically exposed persons and specifies enhanced customer due diligence measures that need to be applied to manage and mitigate money laundering and financing of terrorism risks associated with such customers.

• AML: Anti-money laundering.

• Authorised person: Authorised firm or an authorised market institution.

• Authorised firm: An authorised person who holds a licence to carry on one or more financial services in or from the DIFC and is not an authorised market institution.

• Authorised market institution: An authorised person operating an exchange, a clearing house or an alternative trading system.

• Beneficial owner: A beneficial owner includes the following:

  • In relation to a customer, means a natural person who ultimately owns or controls the customer or a natural person on whose behalf a transaction is conducted, or a business relationship is established.

  • In relation to a body corporate: