Entire section
2.1. Application
2.3. AFSA supervision powers in respect of DNFBPs

2.2. Responsibility for compliance with the AML Rules

  1. (a) Responsibility for a Relevant Person's compliance with these Rules lies with every member of its senior management. Senior management must be fully engaged ensuring compliance with the AML Rules and must take ownership of the RBA set out in Chapter 4.
  2. (b) In carrying out their responsibilities under these Rules every member of a Relevant Person's senior management must exercise due skill, care and diligence.
  3. (c) Nothing in these Rules precludes the AFSA from imposing disciplinary sanctions, taking enforcement action and any other regulatory action deemed necessary against any person including any one or more of the following persons in respect of a contravention of any AML Rule:
  4. (i) a Relevant Person;
  5. (ii) members of a Relevant Person's senior management; or
  6. (iii) an employee of a Relevant Person.
  7. (d) In these Rules “senior management” means:
  8. In relation to a Relevant Person every member of the Relevant Person’s executive management and includes:
  9. (i) for a AIFC entity, every member of the Relevant Person’s Governing Body;
  10. (ii) for a branch, the person or persons who control the day-to-day operations of the Relevant Person in the AIFC and would include, at a minimum, the senior executive officer or equivalent officer, such as the managing director; and
  11. In relation to a customer that is a body corporate, every member of the body corporate’s Governing Body and the person or persons who control the day-to-day operations of the body corporate, including its senior executive officer, chief operating officer and chief financial officer.