DIFC: corporate bank account opening

Obtain company registration, governing documents and business details from the customer's home jurisdiction. For UAE entities, the registry guide distinguishes DIFC, other free-zone and mainland records.

Apply both ownership requirements

DFSA AML 7.3 requires identification and verification of customers and beneficial owners. Its risk-based definition does not impose a single fixed percentage for every case. The guidance also addresses the federal requirement to identify controlling ownership of 25% or more. Record those threshold enquiries and any additional controllers identified by the DFSA risk assessment.

Obtain shareholder records for relevant corporate layers and agreements conferring voting, appointment or other control rights. Verify representatives and their authority, retaining the account mandate and any resolution or delegation required by the company's governing powers.

Complete the opening decision

Establish the account purpose, expected payments and funding. Obtain financing or commercial agreements where needed to explain payments for another group entity or third party.

Apply enhanced CDD to higher-risk customers, including the relevant source-of-funds, source-of-wealth and senior-management measures. Verification precedes the relationship unless the AML module's conditions for deferral are met; record the controls and completion deadline for any permitted deferral.

Resolve sanctions findings before allowing activity. Under ongoing CDD, revisit the relevant evidence after changes in owners, account operators or payment activity.