Tuesday, 31 July 2012

What Rules apply to Ancillary Service Providers in DIFC

These Rules are set out in the Ancillary Service Provider (the “ASP”) module of the DFSA Rulebook. There also exist other Rules applying to particular kinds of Ancillary Services. Anti money laundering provisions are also applicable as set out in the ASP Module of the DFSA Rulebook. The DFSA, however, may waive or modify Rules if such proves to be necessary.

Ancillary Service Providers are also subject to relevant provisions of Federal Law No. 4 of 2002, on the Criminalisation of Money Laundering of the UAE and the UAE Penal Code. The AMLO is responsible for reporting suspicious transactions to the relevant authorities, and the type of business conducted by an Ancillary Service Provider determines the level of anti money laundering requirements which it must apply. The DFSA reserves the right to visit the Ancillary Service Providers and to have their compliance with anti money laundering requirements reviewed.

Winston Wambua

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