The purpose of this Guidance Note is to advise all DMCC member companies and members of DMCC associations, memberships or clubs of revised requirements under UAE AML/CFT law in the provision of Know your Customer (KYC) and Ultimate Beneficial Owner (UBO) information to the Company Registrar of the Authority of Dubai Multi Commodities Centre (DMCCA)
The UAE AML/CFT law was revised in December, 2018 under Federal Decree-Law No. 20 of 2018 (Federal AML Law), replacing all previous versions of this law.
The Federal AML Law was supplemented by Cabinet Decision No. 10 of 2019; implementing the regulation of the Federal AML Law (the AML By-laws).
English versions of both the Federal AML Law and the AML By-laws may be found on the UAE Ministry of Finance website: https://www.mof.gov.ae/en/lawsAndPolitics/govLaws/Pages/default.aspx and; https://www.mof.gov.ae/en/lawsAndPolitics/CabinetResolutions/Pages/default.aspx
The AML By-laws are specific in respect to the obligations of the Registrar to obtain information from registered and licensed companies and members of organisa...