Sanction Screening in UAE | AML UAE

Introduction

This tutorial provides a comprehensive guide to the sanctions screening process as required under Anti-Money Laundering (AML) regulations in the UAE. It outlines the steps businesses must take to comply with sanctions compliance, focusing on the importance of screening against the UAE Local Terrorist List and the UNSC Consolidated List.

Step 1: Subscribe to the Executive Office for Control & Non-Proliferation

• All natural and legal persons in the UAE must subscribe to the Executive Office for Control & Non-Proliferation (EOCN).
• This subscription allows you to receive timely updates regarding changes to the Local Terrorist List and the UNSC Consolidated List.
• Ensure that your subscription is active to stay informed about the latest sanctions.

Step 2: Conduct Sanctions Screening

• Screen potential and existing customers using key identifiers:
  • Name and aliases
  • Nationality
  • Date of birth or incorporation
  • Place of incorporation
• Screening can be done manually or through AML software.
• There are three possible outcomes of the screening:
  • No match
  • Confirmed match
  • Partial match

Step 3: Take Action Based on Screening Results

• For Confirmed Matches:

  • Freeze the financial resources of the designated person.
  • Prohibit any further provision of services or funds.

• For New Customers:

  • Reject any designated person found on the sanctions list and do not onboard them.

• For Partial Matches:

  • Suspend all business relationships with the individual until further instructions are received from the Financial Intelligence Unit (FIU).

• Actions must be performed within 24 hours of identifying a confirmed or partial match.

Step 4: Timely Reporting to the Financial Intelligence Unit

• In cases of confirmed or partial matches, report the designated person and any freezing measures to the FIU.
• This reporting must occur within five working days from the date of action taken.

Step 5: File Reports on the goAML Portal

• Use the goAML portal to file the following reports:
  • Fund Freeze Report (FFR) for confirmed sanction matches.
  • Partial Name Match Report (PNMR) for cases where some identifiers match but cannot be conclusively identified.
• If no matches are found, maintain documentation of the “No match” result and proceed with the due diligence process.

Conclusion

Following these steps ensures compliance with sanctions screening regulations in the UAE. By subscribing to the EOCN, conducting thorough screenings, taking appropriate actions based on results, and reporting to the FIU, businesses can effectively mitigate risks associated with sanctions. For further information, explore additional resources or consult the AML UAE website.