The DFM’s Professional Code of Conduct requires brokerage firms to take reasonable steps to determine the identity of their clients. For natural persons, this should include:
A.
full name of portfolio manager
B.
profession, exact address, PO Box and phone number
C.
commercial register number and commercial licence
D.
nature of the entity, its legal form, type and capital
The Dubai Financial Market (DFM) Professional Code of Conduct mandates that brokerage firms perform thorough customer due diligence to confirm client identities. For natural persons, this includes obtaining detailed personal information such as profession, exact residential address, PO Box, and phone number. This comprehensive identification requirement supports anti-money laundering (AML) and know-your-customer (KYC) policies by enabling firms to verify clients accurately and assess their risk profiles effectively. Commercial registration details and legal entity information apply to corporate clients, not individuals. Collecting detailed contact and occupational data also facilitates ongoing monitoring and communication, fulfilling regulatory obligations to maintain transparent client records.
[Reference: CISI UAE Financial Rules and Regulations — Client Protection and DFM Professional Code of Conduct, Section 4.1.3 (2023)., ]
Contribute your Thoughts:
Chosen Answer:
This is a voting comment (?). You can switch to a simple comment. It is better to Upvote an existing comment if you don't have anything to add.
Submit