Relevant persons should develop anti-money laundering policies, procedures, and controls identifying high-risk jurisdictions and customer diligence measures to be implemented while dealing with customers from such countries.

This Practice Note provides guidance around the identification of high-risk countries and customer due diligence measures to be implemented to manage and mitigate money laundering and financing of terrorism risks associated with customers from a high-risk country.

• 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.