The Dubai Financial Services Agency (DFSA) has released proposals to simplify and strengthen their existing anti-money laundering (AML) framework.
The proposed changes will require (re)insurers and service providers based in the DIFC to review and evaluate their current AML procedures and practises to ensure compliance with the new and more exacting standards. In addition, those on the governing bodies of DIFC firms will need to note their additional accountability for AML functions.
New Structure for AML, Counter Terrorist Financing and Sanctions Compliance
The Consultation Paper, No. 86, proposes to repeal the current AML module of the DFSA Rulebook and AML rules contained in other modules and replace them with a new and consolidated AML module, applicable to all persons who fall within the DFSA AML regime.
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