• GEN 5.5.2 GEN 5.5.2

    The Approved Persons or Recognised Persons referred to in Rule 5.5.1(1)(a), (c) and (d) must be resident in the U.A.E.

    • Guidance

      1. In appropriate circumstances, the Regulator may waive the requirement for a Compliance Officer or Money Laundering Reporting Officer to be resident in the U.A.E. In determining whether to grant a waiver, the Regulator will consider a range of factors on a case by case basis focused on whether the Authorised Person can demonstrate that it has appropriate compliance arrangements (see Rules 3.3.7 to 3.3.12). These factors may include, but are not limited to: the nature, scale and complexity of the activities of the Authorised Person; the ability of a remote officer to carry out his functions in differing time zones and a differing working week; the size, resourcing and capabilities of a remote compliance function; the ability of a remote officer to liaise and communicate readily with the Regulator; and the competency and capability of a remote officer and whether the remote officer is able effectively to undertake or supervise regular compliance monitoring and keep up to date with applicable Rules.
      2. The Regulator will also take into account factors such as the relevant regulatory experience of the proposed Approved Person or Recognised Person, as applicable, and whether the applicant Authorised Person has previously been subject to financial services regulation.