A relevant person must establish and implement anti-money laundering (AML) policies and procedures related to mandatory AML training and awareness programs for their employees and senior management. To ensure compliance with this requirement, the relevant person should develop adequate training materials covering the overall AML compliance measures and regularly organise AML training for the staff.

This Practice Note will provide an overview of the overall AML training and awareness programs and the necessary training topics relevant persons should cover to enable their employees to effectively understand and combat money laundering (ML) and terrorism financing (TF) risks.

• 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.