New amendments to Dubai's International Finance Law (2004) have been announced which changes aspects of the regulation of the Emirate's Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) requirements for designated non-financial businesses and professions (DNFBPs) with immediate effect.
In short, the overall regulatory responsibility has been transferred to the Dubai Financial Services Authority (DFSA). Hitherto, DNFBPs had been supervised for AML/CFT compliance by the Dubai International Financial Centre Authority (DIFCA).
Mr Abdulla Mohammed Al Awar, CEO of DIFCA said, “This move further portrays the co-operation between DIFC bodies to ensure that the highest standards of compliance are achieved. It also comes in line with our commitment to the continuous development of DIFC’s legal and regulatory framework providing the ideal platform for our clients to grow and prosper.”
Advisers and investment managers can brief themselves on these new amendments with the new DFSA rulebook ‘Designated Non-Financial Businesses and Professions Module’, which offers the latest direction on rules and guidance for all those firms now coming under the DFSA’s supervision.
There’s also a quick guide, available in English and Arabic, highlighting the changes and implications for firms operating inside the DIFC of the new AML/CFT rules
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