Regulatory Alerts2020-01-01
FRA Board Decision No. 23 of 2020 on Supervisory Controls for Targeted Sanctions and Financial Restrictions Lists for Non-Banking Financial Entities
The Financial Regulatory Authority issued Decision No. 23 of 2020 to establish mandatory supervisory controls for non-banking financial entities regarding targeted sanctions and financial restriction lists. The regulation mandates strict compliance procedures to combat terrorism financing and the proliferation of weapons of mass destruction. It formally defines the operational and reporting requirements for entities operating outside the traditional banking sector.
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