This Practice Note will provide an overview of how relevant persons should assess money laundering (ML) and terrorism financing (TF) risks and develop a risk profile for each customer.

• 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:

    • The natural persons who ultimately have a controlling ownership interest in the body corporate, whether legal or beneficial, direct or indirect.

    • The natural persons exercising control of the body corporate through other means if there is any doubt about whether the natural persons identified above exert control through ownership interests or if no natural person exerts control through ownership interests.