Obligations of Supervisory Authorities in UAE

Regulations on Terrorists’ Lists under UAE AML Law, AML Training Dubai

Obligations of Supervisory Authorities in UAE

Obligations of Supervisory Authorities 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 Supervisory Authorities

Supervisory Authorities shall abide by the following:

1- Receive all information from FIs and DNFBPs regarding frozen funds, or any measures taken in compliance with prohibition requirements pursuant to the present Decision, including attempted transactions and send such information to the Office within five working days from the date of its receipt.

2- Supervise, monitor and follow-up to ensure compliance with the provisions of this Decision, through onsite and offsite inspection, and imposing appropriate administrative sanctions in case of violation or failure to implement such provisions.

3- Establish a list of cases detected, as per the provisions of this Decision, by FIs and DNFBPs, where the customer or beneficial owner was a Listed Person or organization.
4- Identify any funds related to a Listed Person that have been detected and frozen by FIs and DNFBPs, and whether or not relevant reports were submitted to the Office in line with the provisions of the present Decision.

5- Submit reports to the Office at least semiannually on results of supervision, monitoring and follow-up on the implementation of FIs and DNFBPs of their obligations under the present Decision.

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