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15 Jan 2012, 12:01 pm

DFSA Introduces New Regime For Designated Non-Financial Businesses and Professionals

The Dubai Financial Services Authority (“DFSA”) announces today that His Highness Sheikh Mohammed Bin Rashid Al Maktoum, in his capacity as Ruler of Dubai, has enacted amendments to the Dubai International Financial Centre (DIFC) Law No 1 of 2004 (Regulatory Law 2004) under which the regulation of DIFC Anti-Money Laundering (“AML”) and Combating the Financing of Terrorism (“CFT”) requirements for Designated Non-Financial Businesses and Professions (“DNFBP”) in the DIFC is transferred to the DFSA.

From today, the DFSA assumes responsibility for, and becomes the single AML/CFT regulator of, all AML/CFT supervision and enforcement in the DIFC. Previously DNFBPs were supervised for AML/CFT compliance by the Dubai International Financial Centre Authority (“DIFCA”).

Mr Abdulla Mohammed Al Awar, Chief Executive Officer 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 and providing the ideal platform for our clients to grow and prosper.”

Accompanying these amendments to the Regulatory Law 2004 is the introduction of a new DFSA rulebook “Designated Non-Financial Businesses and Professions Module” (“DNF”), which provides rules and guidance to those Firms now falling under the DFSA’s supervision.

Mr Paul M Koster, Chief Executive of the DFSA said: “The transfer of these supervision and enforcement powers to the DFSA creates a single regulator of AML/CFT obligations in the DIFC and will ensure greater consistency in the regulation of all DIFC-incorporated entities. The DFSA will continue to work closely with the Central Bank’s AML Suspicious Cases Unit to combat the risk of money laundering and terrorist financing.”

The DFSA has produced a quick guide to highlight the changes and implications for firms operating inside the DIFC of the new AML/CFT rules. This Guide is available in both English and Arabic and can be viewed on the DFSA website: https://365343652932-web-server-storage.s3.eu-west-2.amazonaws.com/files/3315/9652/4797/DNFBP_2011.pdf

Additionally, the DFSA will shortly be contacting all DNFBPs within the DIFC to provide training and guidance on the changes. Any queries regarding the AML/CFT for DNFBPs can be directed via email to Mr Matt Gamble, Head of AML at [email protected]

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