Skip to main content
Entire section Custom print Text Only Rich Text Print

16.10 Enhanced Due Diligence (EDD) Process for Natural Persons

C 33/2018 STA
16.10.1EDD for natural persons requires the Licensed Person to obtain additional information regarding the customer, including additional information regarding the customer’s source of funds, the nature of the customer’s business, and the purpose of transaction, in order to better understand the customer and manage the risk associated with the transaction. EDD also requires the Licensed Person to subject the customer to more intense or intrusive monitoring or imposing other controls on customer activity and customer acceptance. Where EDD is appropriate or required, Licensed Persons must conduct EDD in addition to CDD as per Paragraph 16.9 of this Chapter.
 
16.10.2

Below are the thresholds for the EDD for natural persons:
 

a)Foreign currency exchange transactions of value equal to or above AED 55,000, either one off or multiple in ninety (90) calendar days:- Evidence for the source of funds (example: bank statements) must be collected for verification in case the customer pays cash. Complete information of the purpose of the transaction must be collected. Appropriate evidence must be collected for the verification of the purpose of transaction in case there is any doubt or suspicion about the information provided by the customer;
 
b)Outward money transfers of value equal to or above AED 55,000, either one off or multiple in forty-five (45) calendar days:- Evidence for the source of funds (example: bank statements) must be collected for verification if the customer pays cash. Complete information on the purpose of the transaction must be collected. Appropriate evidence must be collected for the verification of the purpose of transaction in case there is any doubt or suspicion about the information provided by the customer; and
 
c)Inward money transfers of value equal to or above AED 55,000, either one off or multiple in forty-five (45) calendar days:- Information on the source of funds and the purpose of transaction must be collected and recorded. Appropriate evidences must be collected for the verification of the purpose of transaction in case there is any doubt or suspicion about the information provided by the customer.
 
16.10.3The Licensed Person must give special attention to transactions by natural persons who are visitors in the UAE. The Licensed Person may decide to perform EDD on such customers regardless of their transaction value in case there is any doubt or suspicion about the information provided by such customers.
 
16.10.4

The following 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).
 
16.10.5The 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.