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Thursday 13 June 2024


Thursday 13 June 2024

The CBUAE issues its 2023 Annual Report

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Targeted Financial Sanctions

All Licensed Financial Institutions (LFIs) are required to fully comply with the obligation to implement all necessary measures without delay as described in the Cabinet Decision No. (74) of 2020, the “Guidance on Targeted Financial Sanctions (TFS) for FIs and Designated Non-Financial Business and Professions (DNFBPs)” issued by the Executive Office of the Committee for Goods & Material Subjected to Import and Export Control, the “Guidance for LFIs on the implementation of TFS” issued by the Central Bank of the UAE, and any of their amendments or updates thereof.

Appropriate implementation of TFS has four key steps:

  • 1

    Maintain awareness of UNSC and UAE sanctions lists, and rapidly become informed of changes to these lists.

     

    LFIs should rely on the official website of the UNSC for the most updated UNSC Consolidated List:
    https://www.un.org/securitycouncil/content/un-sc-consolidated-list  


    LFIs should rely on the official website of the Executive Office to obtain the most recent publication of the UAE sanctions List (UAE Local Terrorist List) issued by the UAE Cabinet:
    https://www.uaeiec.gov.ae/en-us/un-page 
    https://www.uaeiec.gov.ae/ar-ae/un-page 

     

    In addition, LFIs must register on the Executive Office’s website in order to receive automated email notifications with updated and timely information about changes to the lists.

  • 2

    Screen their databases and transactions against the lists of sanctioned persons.

  • 3

    When a “confirmed” or a “potential” match is found through the screening process, LFIs must immediately, without delay and without prior notice, freeze or suspend all funds or transactions.

  • 4

    Report “confirmed” or “potential” matches and the actions the LFIs have taken utilizing the UAE Financial Intelligence Unit’s (FIU) online reporting platform (goAML) within five business days.


    • In case of any ‘confirmed match’ to a listing of names of individuals, groups, or entities to the UAE Local Terrorist List or UNSC Consolidated List is identified, LFIs are required to:

    - Report any freezing measures, prohibition to provide funds or services, and any attempted transactions via the goAML Platform by selecting the Fund Freeze Report (FFR); and
    - Ensure all the necessary information and documents regarding the ‘confirmed match’ are submitted along with the (FFR).


    • In case of any ‘potential match’ to a listing of names of individuals, groups, or entities to the UAE Local Terrorist List or UNSC Consolidated List and any of its details are identified, LFIs are required to:

    - Report the ‘potential match’ via the goAML Platform by selecting the Partial Name Match Report (PNMR).
    - Ensure all the necessary information and documents regarding the potential match are submitted; and
    - Uphold suspension measures related to the ‘potential match’ until further instructions are received via the goAML Platform on whether to cancel the suspension or implement freezing measures.

Potential Match Procedure

Jointly with the Executive Office of the Committee for Goods and Material subjected to Import & Export Control, the CBUAE conducts outreach and awareness-raising efforts on TFS for supervised sectors. Please see the Executive Office’s video presentations on Sanctions Lists & Subscription to receive updates and Overview of the Targeted Financial Sanctions:

https://www.youtube.com/watch?v=e2EhVTlkAd8

https://www.youtube.com/watch?v=SX2utu82QIQ 

Targeted Financial Sanctions

AMLCFT Guidance for Licensed Financial Institutions on the Implementation of Targeted Financial Sanctions

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Guidance on Targeted Financial Sanctions for FIs and DNFBPs from the Executive Office of the IEC

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32

Cabinet Decision 74 of 2020 regarding Terrorism Lists Regulation and UNSC Resolutions

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32

TFS National Summit presentation 2021

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32

Typologies on the circumvention of Targeted Sanctions against Terrorism and the Proliferation of Weapons of Mass Destruction from the Executive Office of the IEC

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