What is the DFSA requirement?
As a DFSA regulated Firm, you will require a Compliance Officer and Money Laundering Reporting Officer (MLRO). These Functions are mandatory and require the individual to be registered with the DFSA as an Authorised Individual. All registered Compliance Officers and MLROs must be Senior Managers and, unless an exemption is obtained, must be ordinarily resident in the UAE.
The role of the Compliance Officer and MLRO can be combined and held by one individual, but that individual must be appropriately qualified and/or have sufficient experience and gravitas, although currently there are no mandatory qualifications. As the UAE grows as an internationally recognised financial centre, the calibre of individuals being attracted to the region and the type of training being provided to the local population means that the pool of appropriate talent is growing, but not as fast as the number of firms that are being authorised.
If allowed by the DFSA, outsourcing of the Compliance Officer/MLRO can either be internally within your group or to an external provider like CCL. If you are unable to outsource these functions you will be required to have your own internal Compliance Officer and MLRO. If this is the case, your internal resource may benefit from expert support from a local team with in-depth knowledge of DFSA regulations, either on an ad-hoc basis or on a regular basis, for instance on the job training programmes or executing your Firm’s Compliance Monitoring Programme.
Which option is right for your Firm?
Whatever your requirements CCL is here to assist you to get it right first time. As first-class professionals with strong relationships with the regulators, you know you will be getting the best advice.
Contact our DIFC-based outsourcing team for guidance on the right option for your Firm.