Regulatory Alerts2021-07-04
Guidance for Licensed Financial Institutions on the Implementation of Targeted Financial Sanctions
The United Arab Emirates Central Bank (CBUAE) issued this guidance to assist licensed financial institutions in fulfilling their statutory obligations regarding Targeted Financial Sanctions under UAE law and UN Security Council resolutions. The document mandates the establishment of a comprehensive Sanctions Compliance Program comprising senior management commitment, risk assessment, internal controls, and robust screening operations. It further requires institutions to maintain updated lists, report confirmed matches without delay, and adhere to specific red flag indicators for terrorism financing and proliferation financing.
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