• AML 15.4 AML 15.4 Record keeping

    • AML 15.4.1

      A Relevant Person must, where relevant, maintain the following records:

      (a) a copy of all documents and information obtained in undertaking initial and on-going CDD or business partners due diligence;
      (b) the supporting records (consisting of the original documents or certified copies) in respect of the Customer business relationship, including Transactions;
      (c) notifications made under Rule 14.2.2;
      (d) Suspicious Activity Reports and any relevant supporting documents and information, including internal findings and analysis;
      (e) any relevant communications with the AMLSCU;
      (f) the documents in Rule 15.4.2; and
      (g) the relevant details of any Transaction carried out by the Relevant Person with or for a Customer,

      for at least 10 years from the date on which the notification or report was made, the business relationship ends or the Transaction is completed, whichever occurs last.

    • AML 15.4.2

      A Relevant Person must document, and provide to the Regulator on request, any of the following:

      (a) the risk assessment of its business undertaken under Rule 6.1.1;
      (b) how the assessment in (a) was used for the purposes of complying with Rule 7.2.1(1);
      (c) the risk assessment of the Customer undertaken under Rule 7.2.1(1)(a); and
      (d) the determination made under Rule 7.2.1(1)(b).

    • AML 15.4.3 AML 15.4.3

      The records maintained by a Relevant Person must be kept in such a manner that:

      (a) the Regulator or another competent third party is able to assess the Relevant Person's compliance with legislation applicable in the ADGM;
      (b) any Transaction which was processed by or through the Relevant Person on behalf of a Customer or other third party can be reconstructed;
      (c) any Customer or third party can be identified;
      (d) all Internal and external Suspicious Activity Reports can be identified; and
      (e) the Relevant Person can satisfy, within an appropriate time, any regulatory enquiry or court order to disclose information.

      • Guidance

        1. The records required to be kept under Rule 15.4.1 may be kept in electronic format, provided that such records are readily accessible and available to respond promptly to any Regulator requests for information.
        2. If the date on which the business relationship with a Customer has ended remains unclear, it may be taken to have ended on the date of the completion of the last Transaction.
        3. The records maintained by a Relevant Person should be kept in such a manner that:
        a. the Regulator or another competent authority is able to assess the Relevant Person's compliance with legislation applicable in the ADGM;
        b. any Transaction which was processed by or through the Relevant Person on behalf of a Customer or other third party can be reconstructed;
        c. any Customer or third party can be identified; and
        d. the Relevant Person can satisfy, within an appropriate time, any regulatory enquiry or court order to disclose information.

    • AML 15.4.4

      Where the records referred to in Rule 15.4.1 are kept by the Relevant Person outside the ADGM, a Relevant Person must:

      (a) take reasonable steps to ensure that the records are held in a manner consistent with these Rules;
      (b) ensure that the records are easily accessible to the Relevant Person; and
      (c) upon request by the Regulator, ensure that the records are available for inspection within a reasonable period of time.

    • AML 15.4.5

      A Relevant Person must:

      (a) verify if there is secrecy or data protection legislation that would restrict access without delay to the records referred to in Rule 15.4.1 by the Relevant Person, the Regulator or the law enforcement agencies of the U.A.E.; and
      (b) where such legislation exists, obtain without delay certified copies of the relevant records and keep such copies in a jurisdiction which allows access by those Persons in (a).

    • AML 15.4.6 AML 15.4.6

      A Relevant Person must be able to demonstrate that it has complied with the training and awareness requirements in Chapter 13 through appropriate measures, including the maintenance of relevant training records.

      • Guidance

        The Regulator considers that "appropriate measures" in Rule 15.4.6 may include the maintenance of a training log setting out details of:

        a. the dates when the training was given;
        b. the nature of the training; and
        c. the names of Employees who received the training.