| 16.9.1 | The CDD process, in accordance with Paragraphs 16.9.2 to 16.9.14 of this Chapter, must be applied for a natural person who carries out the following transactions:
| a) | Foreign currency exchange transactions, either one off or multiple in ninety (90) calendar days, of value between AED 35,000 and AED 54,999.75; and
| | b) | Money transfers, whether inward or outward, of value between AED 1 and AED 54,999.75.
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| 16.9.2 | CDD is the process where additional information about the customer, who is a natural person, is collected via a customer onboarding process in accordance with Paragraph 16.9.3 of this Chapter;
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| 16.9.3 | The Licensed Person must create a customer profile by recording the customer information in its Point of Sale system and then provide a permanent “Unique Identification Number (UIN)” to the customer. The customer must be allowed to carry out transactions at the branch(es) of the Licensed Person only by using the UIN. The Licensed Person must also comply with Paragraph 16.16.6 of this Chapter at all times;
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| 16.9.4 | The following customer information, at a minimum, must be captured in the Point of Sale System in addition to the verification of the original ID in accordance with Paragraph 16.8.3 of this Chapter. Items (a) through (n) must be used to support sanctions screening, as required by Paragraph 16.25 of this Chapter.
| a) | Full legal name; | | b) | Residential status (whether UAE Resident or UAE Non-Resident); | | c) | Address in the UAE (for UAE Residents); | | d) | Temporary address in the UAE and the permanent address in the home country (for UAE Non-Residents); | | e) | Mobile number; | | f) | Email, if available; | | g) | Date of Birth; | | h) | Nationality; | | i) | Country of Birth; | | j) | ID type (whether Emirates ID or Passport or GCC national ID); | | k) | ID number; | | l) | ID place of issue; | | m) | ID issue date; | | n) | ID expiry date; | | o) | Profession; and | | p) | Expected annual activity (i.e. expected annual value and number of transactions for future transaction monitoring).
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| 16.9.5 | Area or district, city, Emirate or state or province and country must be recorded in the Point of Sale system as part of the address. The Licensed Person is expected to record the P.O Box number, house number/name, apartment or room number, building number/name, street name in the system wherever practically possible;
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| 16.9.6 | When verifying the Emirates ID card either physically, by way of digital or e-KYC solutions, the Licensed Person must use the online validation gateway of the Federal Authority for Identity & Citizenship, the UAE-Pass Application or other UAE Government supported solutions, and keep a copy of the Emirates ID and its digital verification record;
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| 16.9.7 | Where acceptable IDs, other than the Emirates ID are used in the KYC process, a copy must be physically obtained from the original ID which must be certified (i.e. certified copy) as “Original Sighted and Verified” under the signature of the employee who carries out the CDD process and retained.
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| 16.9.8 | The UIN given to a customer by a Licensed Person must be unique in nature and the same UIN must not be assigned to more than one customer. The same customer must not be given more than one UIN by a Licensed Person. Appropriate validation rules must be implemented in the system to comply with this requirement;
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| 16.9.9 | If the customer is represented by a third person, the Licensed Person must follow the procedures in Paragraph 16.20 of this Chapter.
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| 16.9.10 | Subject the customer to PEP checks, as required by Paragraph 16.13.3 of this Chapter. Where the customer is a PEP, the Licensed Person must follow the procedures in Paragraph 16.13 of this Chapter.
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| 16.9.11 | The customer profile must be reviewed and updated either annually or upon the expiry of the ID whichever comes first. At this time, the Licensed Person must conduct ongoing monitoring on the customer which must consist of the following:
| a) | The original ID as per Paragraph 16.8.3 of this Chapter must be verified in accordance with Paragraphs 16.9.6 and 16.9.7 and its copy must be held in the records during the review of a customer profile; | | b) | CDD (and, where appropriate, EDD) must be repeated and the customer profile updated, including the information required under Paragraph 16.9.4 of this Chapter. | | c) | CDD and EDD must also be repeated whenever there is a change in the profile of the customer; | | d) | The Licensed Person must scrutinize the transactions concluded by a customer to ensure that transactions are consistent with the Licensed Person’s knowledge of the customer, the customer’s business, risk profile, the source of funds and where necessary, source of the customer’s wealth; and | | e) | The Licensed Person must review transaction monitoring results for the customer to determine whether any STR, SARs or other reports have been filed or whether the customer’s behavior has generated alerts.
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| 16.9.12 | Information on the “source of funds” and “purpose of transaction” must be captured in the Point of Sale system for each transaction that undergoes the CDD process;
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| 16.9.13 | The below customer information must be printed on the transaction receipt, at a minimum:
| a) | UIN of the customer; | | b) | Full legal name of the customer; | | c) | Address in the UAE (required when the customer is a UAE Resident) - P.O Box number and street (if available), city, Emirate; | | d) | Permanent address in the home country (required only when the customer is a UAE Non- Resident) - P.O Box number and street (if available), city, state or province, country; | | e) | Mobile number; | | f) | Nationality; | | g) | ID type (whether Emirates ID or Passport or GCC national ID); | | h) | ID number; | | i) | ID place of issue; | | j) | ID issue date; | | k) | Method of payment (whether cash or cheque, etc.); | | l) | Source of funds; | | m) | Purpose of transaction; and | | n) | Beneficiary’s name and bank account details (wherever applicable).
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| 16.9.14 | The receipt must be signed by the customer and must be retained in the records along with all KYC supporting documents in accordance with Paragraph 16.29 of this Chapter.
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