A relevant person must establish anti-money laundering (AML) policies, procedures, and controls to ensure that no business relationship is established with the restricted customer category.

This Practice Note will elaborate on the restricted category of customers mentioned under Dubai International Financial Centre (DIFC) AML legislation with whom a relevant person should not deal with, as well as reporting suspicious transactions involving restricted businesses or 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:

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