Regulatory Alerts2025-01-21
Implementation of UN Sanctions Lists During the Holiday Season
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) directs all Non-Bank Financial Institutions to reinforce their monitoring and response procedures for United Nations Sanctions lists during the holiday season. Institutions must ensure real-time list integration into monitoring systems, conduct regular staff training, assign dedicated contacts for immediate action on alerts, and perform thorough customer due diligence during onboarding and high-risk transactions. NBFIRA further requires prompt reporting of suspicious activities to the Financial Intelligence Agency to maintain financial system integrity and sustain anti-money laundering, counter-terrorist financing, and sanctions compliance efforts.
Share