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.

• 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.