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Dubai's AML regime to cover non-financial entities, single family offices

May 09 2011 Daniel Seleanu in Abu Dhabi recommended

The Dubai Financial Services Authority intends to assume responsibility for the supervision of anti-money laundering and counter-terrorism finance compliance by designated non-financial businesses and professions and single family offices in the Dubai International Financial Centre. Currently the DIFC Authority oversees the AML/CFT performance of DNFBPs and SFOs in the centre. In a recent consultation paper, the DFSA proposed consequential amendments to the current AML/CTF regime, including an updated DNFBP definition, a registration process for DNFBPs operating in the DIFC and other enhancements. Additionally, the DFSA said it would amend Regulatory Law 2004 to include delegation powers and new rules regarding the disclosure of confidential information to other regulators. The consultation paper noted that consolidating all AML/CFT regulatory powers under a single regulator would improve application consistency and create a single point of contact for regulated firms, UAE authorities

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