• Chapter 4 Anti-Money Laundering Powers

    • 15A. Powers of the Regulator

      (1) This chapter is made in recognition of the application in the Abu Dhabi Global Market of Federal Decree by Law No. 20 of 2018 on Anti Money Laundering, Combating the Financing of Terrorism and Financing of Illegal Organisations, Federal Law No. 7 of 2014 on Combating Terrorism Offences and any other Federal legislation relating to money laundering, terrorist financing, the financing of unlawful organisations or sanctions non-compliance.
      (2) A reference in these Regulations to money laundering is taken to include terrorist financing, the financing of unlawful organisations and sanctions non-compliance.
      (3) The Regulator:
      (a) is designated as the Supervisory Authority for the Abu Dhabi Global Market, for the purposes of the Federal AML Legislation;
      (b) is responsible for regulation in relation to money laundering in the Abu Dhabi Global Market; and
      (c) has the power to supervise compliance with relevant AML laws in the State by Relevant Persons.
      (4) The Regulator may, by written notice, deem a person to be a Relevant Person for the purposes of this Chapter and the Rules made under these Regulations, subject to such terms and conditions as it may consider appropriate.
      (5) Nothing in this section 15A is intended to limit any function or power conferred on another body or authority under the Federal AML Legislation.
      Added on (15 April, 2019).

    • 15B. Anti-Money Laundering Obligations of Relevant Persons

      (1) A Relevant Person shall comply with Federal AML Legislation as it applies to such person in the Abu Dhabi Global Market.
      (2) A Relevant Person shall comply with any duty, requirement, prohibition, obligation or responsibility to which that person is subject under the Rules.
      (3) Where the Regulator detects conduct that it suspects may relate to money laundering, it shall promptly report its suspicions to the relevant authority exercising powers and performing functions under the relevant Federal AML Legislation.
      (4) A Relevant Person shall conduct customer due diligence as specified in the Rules.
      (5) A Relevant Person shall maintain records relating to customer due diligence, transactions and anti-money laundering measures as prescribed in the Rules.
      Added on (15 April, 2019).