A relevant person should develop and implement anti-money laundering (AML) policies, procedures, systems, and controls for systematic maintenance and retention of AML records for a minimum period of six years and furnish copies to the Dubai Financial Services Authority (DFSA) as and when requested.

This Practice Note discusses the period of retention of AML records and the prescribed methodology, considering the relevant activity or transaction, as prescribed under the Dubai International Financial Centre (DIFC) AML regulations.

• 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: