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16.10 Enhanced Due Diligence (EDD) Process for Natural Persons

N 35/2018 STA
  1. 16.10.1During the Enhanced Due Diligence for natural persons, the source of funds and purpose of transaction must be verified and confirmed in accordance with Paragraphs 16.10.2 to 16.10.5 of this Chapter in addition to the CDD process as per Paragraph 16.9 of this Chapter;
  2. 16.10.2Below are the thresholds for the Enhanced Due Diligence for natural persons:
    1. a)Foreign currency exchange transactions of value equal to or above AED 100,000:- 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;
    2. b)Outward money transfers of value equal to or above AED 75,000:- 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
    3. c)Inward money transfers of value equal to or above AED 75,000:- Full information for 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.
  3. 16.10.3The following customer information must be printed on the transaction receipt, at a minimum:
    1. a)Unique Identification Number (UIN) of the customer;
    2. b)Full legal name of the customer;
    3. c)Address in the UAE (required when the customer is a UAE Resident) - P.O Box number and street (if available), city, Emirate;
    4. d)Permanent address in the home country (required only when the customer is a UAE NonResident) - P.O Box number and street (if available), city, state or province, country;
    5. e)Mobile number;
    6. f)Nationality;
    7. g)ID type (whether Emirates ID or Passport or GCC national ID);
    8. h)ID number;
    9. i)ID place of issue;
    10. j)ID issue date;
    11. k)Method of payment (whether cash or cheque, etc.);
    12. l)Source of funds;
    13. m)Purpose of transaction; and
    14. n)Beneficiary’s name and bank account details (wherever applicable).
  4. 16.10.4The receipt must be signed by the customer and must be retained in the records along with all KYC supporting documents in accordance with Paragraph 16.24 of this Chapter; and
  5. 16.10.5The Licensed Person must give special attention to transactions by natural persons who are visitors in the UAE. The Licensed Person may decide to perform the Enhanced Due Diligence on such customers regardless of their transaction value in case there is any doubt or suspicion about the information provided by such customers.