Know Your Customer (KYC)- ADGM Quick Guide for DNFBPs
Know Your Customer (KYC) - ADGM Quick Guide for DNFBPs
Know Your Customer (KYC) – Adgm Quick Guide for DNFBPs discusses the process related to the identification of the customers and verification of their identities. It also talks about customer information and documents to be obtained during the KYC process.
KYC Identity Information Requirement
For individual customers’ Know Your Customer (KYC), different identity information is required
- Full Name
- Date of Birth
- Nationality
For corporate customers’ Know Your Customer (KYC), different identity information is required
- Full Legal Name
- Registration Number
- Jurisdiction of Registration
Similarly, to verify the identity information, you need different documents.
KYC Documents Required
Know Your Customer (KYC) documents required for Individuals
- Passport copy
- Emirates ID
- Utility bills
- Salary certificate
Know Your Customer (KYC) documents required for Corporates
- Memorandum of association
- Passport copies of beneficial
- owners
- Passport copies of directors
- Commercial Licence
Know Your Customer (KYC) Screening
Know Your Customer (KYC) – Adgm Quick Guide also explains customer screening requirements and what are the tools that you can use to conduct the screening.
DNFBP sectors subject to AML compliance
To simplify the understanding of the Know Your Customer (KYC) concept, the authorities have included specific illustrations for each of the DNFBP sectors subject to AML compliance, which are:
- Audit, accounting, tax and insolvency firms
- Dealer in Precious Metals, Stones, and/or saleable items
- Real estate firms
- Company service providers
- Law, notary or independent legal firms
Final Words
The guide comprehensively covers the elements of the Know Your Customer (KYC) process, offering detailed insights into each step. To enhance comprehension, practical examples applying a risk-based approach are included, outlining specific situations and the minimal KYC procedures required. Additionally, the guide outlines scenarios where conducting business with a customer is not advisable and provides appropriate actions to undertake.
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This post first appeared on A Detailed Guide Of AML Compliance Requirements For Auditors And Accountants In The UAE, please read the originial post: here
