We strongly recommend that applicants, in the first instance, engage with the Business Development unit of the DIFCA. They will help you understand the value proposition of the DIFC to assist your evaluation of whether a presence here will make business sense for your firm.
Some applicants go straight to attempting to complete the application forms. This often results in a poor application and can lengthen the application process. Here are some recommended preparation steps:
• Decide what type of services you want to carry out.
• Determine who will be the Anti-Money Laundering Officer.
• Familiarise yourself with the applicable rules from the DFSA Rulebook and be prepared to show how you will comply with those rules.
• Ensure that your anti-money laundering policies, procedures, systems and controls:
- comply with the UAE Law No.4 regarding Criminalisation of Money Laundering and any other relevant Federal Laws,
- enable suspicious customers and transactions to be detected and reported,
- ensure the applicant is able to provide an audit trail of a transaction,
- comply with any other obligation as set out in the DFSA Rulebook for ASPs.
Completing the application forms
It is vital that you supply all relevant information. Openness and honesty are essential. Should we need to examine your application more closely because of any disclosures you make, this will not necessarily count against you. However, deliberately withholding information or providing false or misleading information will adversely impact the success of your application. If in doubt, disclose.
If the information you provide is inaccurate or incomplete, we may deem your application as materially incomplete, in which case it would not be accepted. Thus, missing information will lengthen the application process. Ensure that all relevant documents are also included with your completed application.
You should also start the registration process with the DIFC Registrar of Companies at the same time as you submit your DFSA application. This will help you to avoid delays at the end of the process.