Obligations of Financial Institutions and DNFBPs in UAE
Obligations of Financial Institutions and DNFBPs in UAE: Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combating of Terrorism, Terrorist Financing, Countering the Proliferation of Weapons of Mass Destruction and its Financing and Relevant Resolutions Abrogating: Cabinet Decision No. 20 dated 25/02/2019.
Obligations of Financial Institutions and DNFBPs
For the purposes of implementing the present Decision, financial institutions and DNFBPs shall abide by the following:
1- Register on the Office’s website in order to receive notifications related to new listing, re-listing, updating, or de-listing decisions issued by the UN Security Council, the Sanctions Committee or the Cabinet.
2- Regularly screen their databases and transactions against names on lists issued by the UN Security Council, the Sanctions Committee or the Local Lists, and also immediately when notified of any changes to any of such lists, provided that such screening includes the following: a – Searching their customer databases.
b – Search for the names of parties to any transactions.
c – Search for the names of potential customers.
d – Search for the names of beneficial owners.
e – Search for names of persons and organizations with which they have a direct or indirect relationship.
f – Continuously search their customer database before conducting any transaction, or entering into a serious business relationship with any person, to ensure that their name is not listed on the Sanctions List or Local Lists.
3- Implement freezing measures, without delay, and without prior notice to the Listed Person, immediately when a match is found through the screening process referred to in paragraph (2) of this article.
4- Implement decisions to lift freezing measures without delay, pursuant to Relevant UNSCRs or decisions of the Cabinet regarding the issuance of Local Lists.
5- Immediately notify the Supervisory Authority in the following cases:
a – Identification of funds and actions that have been taken as per requirements of Relevant UNSCRs or decisions of the Cabinet regarding the issuance of Local Lists, including attempted transactions.
b – Detection of any match with listed persons or entities, details of the match data and actions that have been taken as per the requirements of Relevant UNSCRs and Local Lists, including attempted transactions.
c – If it was found that one of its previous customers or any occasional customer it dealt with, is listed on the Sanctions List or Local Lists.
d – If it suspects that one of its current or former customers, or a person it has a business relationship with is listed or has a direct or indirect relationship with the Listed Person.
e – No action has been taken due to a false positive, and the inability to dismiss such false positive through available or accessible information.
f – Information relating to funds that have been unfrozen, including their status, nature, value and measures that were taken in respect thereof, and any other information relevant to such decisions.
6- Establish and effectively implement internal controls and procedures to ensure compliance with the obligations arising from this Decision.
7- Establish and implement policies and procedures that prohibit staff from, directly or indirectly, informing the customer or any third party that freezing or any Other Measures shall be implemented in accordance with the provisions of this Decision.
8- Cooperate with the Office and the Supervisory Authority in verifying the accuracy of submitted information.