Overview of Legislation: Anti-Money Laundering and Combatting the Financing of Terrorism

Overview

This Practice Note will provide an overview of what an organisation operating in the Dubai International Finance Centre (DIFC) must know regarding legal or regulatory obligations in relation to anti-money laundering (AML) and countering the financing of terrorism (CFT) and how they should comply with these requirements.

Definitions

  • 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.