1. Financial Institutions, Designated Non-Financial Businesses and Professions, and Virtual Asset Service Providers, as applicable, shall apply Customer Due Diligence measures in the following cases: a. Upon the commencement of a Business Relationship; b. Where there is suspicion of a Crime; c. Where there are doubts as to the accuracy or adequacy of Customer identification data previously obtained. 2. Financial Institutions shall apply Customer Due Diligence measures in the following cases: a. When conducting occasional Transactions for a Customer amounting to or exceeding fifty-five thousand dirhams (AED 55,000), whether carried out as a single Transaction or several Transactions that appear to be linked; b. When conducting occasional Transactions in the form of Wire Transfers amounting to or exceeding three thousand five hundred dirhams (AED 3,500). 3. Virtual Asset Service Providers shall apply Customer Due Diligence measures when conducting occasional Transactions amounting to or exceeding three thousand five hundred dirhams (AED 3,500), whether carried out as a single Transaction or several Transactions that appear to be linked.
Interpretation and application must be checked against the official text and current version.