What is the DFSA requirement?

For all DFSA regulated firms, the Compliance Officer and Money Laundering Reporting Officer ("MLRO") functions are mandatory, and the individual(s) must 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.

Depending on the scale and complexity of your organisation, the DFSA will allow you to outsource the roles of Compliance Officer and MLRO

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.

Some firms will also require a Data Protection Officer (“DPO”). The firm can either appoint someone within the organisation, rely on a group DPO or outsource the role. For further details of the requirements under the DIFC Data Protection Law, click here.

Which option is right for your Firm?

There is no one size fits all when it comes to compliance arrangements. We have summarised the key considerations for senior management when deciding whether compliance outsourcing or an in-house compliance officer is the right option for your Firm. Click here for details.

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.

Find out more about your options:

Contact our DIFC-based outsourcing team for guidance on the right option for your Firm.

We have a dedicated team of experienced compliance consultants who can provide expert assurance and peace of mind. Get in touch to see how we can help your Firm.