The Dubai Financial Services Authority (DFSA) has amended the Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) Rule-making Instrument No. 397 of 2025. This instrument comes into force on 3 March 2025.
The amendments are as follows:
- Updated the definition of “Company Service Provider” to include persons who provide services such as:
(a) acting as a formation agent of legal persons;
(b) acting as, or arranging for others to act as, directors, partners, or secretaries;
(c) providing registered, correspondence, or business addresses;
(d) acting as, or arranging for others to act as, nominee shareholders. - Modified the Simplified Customer Due Diligence (SCDD) rule to clarify that identity verification must occur either before establishing a business relationship or carrying out a one-off transaction, or during the establishment of the relationship—if necessary to avoid disrupting normal business operations and where the money laundering risk is low.
- Designated Non-Financial Businesses and Professions (DNFBPs) must complete the annual information return via the DFSA electronic portal for each calendar year and submit it by 31 January of the following year.
