Responsibilities of FIs and DNFBPs as per UAE Law

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

Responsibilities of FIs and DNFBPs as per UAE Law

Responsibilities of FIs and DNFBPs as per UAE Law: The procedures of implementing the Cabinet’s resolution No. (20) of 2019 concerning the regulations on Terrorists’ Lists; and implementing the Security Council’s Resolutions (this also includes Anti Money Laundering Law of UAE) concerning the prevention and suppression of terrorism, terrorism financing and proliferation financing.

Responsibilities of FIs and DNFBPs

–  Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) shall, and for the purposes of implementing the provisions of the Cabinet’s Resolution, be committed to the following:

Once receive the email from the Office, conduct immediate search and implement the procedures of freezing in case of a match; as follow:

  1. Search the customers’ database
  2. Search names related to any transactions with their customers
  3. Search names of potential customers
  4. Search names of persons and entities where they have a direct or indirectrelation with
  5. Conduct ongoing Search on the customers’ database and search, b efore such procedure shall occur, any transaction or serious relationship with any person in order to ensure the name is not listed in the Sanctions List, or de-listed, unless otherwise a prior written notification has been received by the Office not to de-list for other reason.

Immediately report to the supervisory authority, in the following cases:

  1. The freezing of funds, without tipping off the Designated, and provide the Supervisory Authority with all the details concerning the frozen funds or any procedures taken pursuant to the prohibition requirements set out by the Security Council or The Council’s decisions on this matter, including any attempted transactions.
  2. If one of their former or occasional customers is a Designated in the Sanctions List.
  3. Not taking any procedures because of similarity of names, and this similarity was unable to be resolved using the available or accessible information.
  4. De-freeze within five (5) working days as of the date of de-freezing order, and provide the Office, through the supervisory authority, with the information related to the funds, including funds position, nature, value, measures taken and any other information related to the order thereof. Additionally, they must ensure accuracy of the data provided.

The Supervisory Authority shall report to the Office, via the Portal, within five (5) working days, as of the date of being informed that the FIs and DNFBPs shall take the aforementioned procedures.

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