These Guidelines offer guidance to Financial Institutions and Designated Non-Financial Businesses and Professions on the provisions of the AML Laws in respect of Financial Institutions and DNFBPs.
The recommendations set out in these Guidelines are provided by DMCCA based on its own interpretation of the requirements of the AML Laws. As such these recommendations are not mandatory rules and regulations of the DMCC Free Zone. Rather, it is the responsibility of each Financial Institution or DNFBP to review its responsibilities under the AML Laws fully and carefully to determine the extent to which they implement the requirements of the AML Laws in respect of their own business and policies. These Guidelines are not intended to be, nor should they be construed as, legal advice.
2.1. Financial Institutions and DNFBPs are advised to:
i. Establish, implement, monitor, and maintain an effective compliance program in line with these Guidelines.
ii. Devise and implement relevant policies, procedures, processes and controls d...