Dubai Financial Services Authority
A DFSA compliance monitoring programme for DIFC firms
DFSA content is being prepared in the same structure as VARA, so every requirement can be marked applicable per licence, linked to your policies and controls, and tested.
Status: In preparation. DFSA requirements follow VARA in the same structure. TODO(Miles): confirm availability before launch
What the compendium covers for DFSA
- Planned scope, to be confirmed: the General (GEN), Conduct of Business (COB) and Anti-Money Laundering (AML) modules of the DFSA Rulebook. TODO(Miles): confirm the DFSA modules in scope
How updates are handled
- Every requirement will carry its module and rule reference, source link, effective dates and version.
- When a rule changes, the requirement gets a new version, and firms with the old version marked applicable get a change task.
- New and changed content is reviewed by a person before it is published.
Typical monitoring tests
- A periodic review of a sample of client files against your client classification and due diligence procedures.
- A check that each item on the compliance monitoring plan was performed, reviewed and evidenced on time.
- A check that policies due for review were reviewed and re-approved by the right people.
- A review of a sample of personal account dealing requests and their approvals.
Glossary
- DIFC
- The Dubai International Financial Centre, a financial free zone in Dubai.
- DFSA
- The Dubai Financial Services Authority, which regulates financial services in and from the DIFC.
- Authorised Firm
- A firm licensed by the DFSA to carry on one or more financial services.
- Authorised Individual
- A person approved by the DFSA to perform a Licensed Function, such as Compliance Officer or MLRO, for an Authorised Firm.
- MLRO
- Money Laundering Reporting Officer.
The tests above are examples of what a plan can hold. Your own tests come from the requirements you mark applicable and from your policies.
TODO(Miles): check the glossary definitions and the planned scope against the current DFSA Rulebook