As part of AML compliance, any reporting entity in the UAE must submit a Fund Freeze Report (FFR) if it determines that its client is verifiably on the UAE's local terrorist list or the UN Security Council consolidated list.
This video explains when a Designated Non-Financial Business and Profession (DNFBP) should file the FFR and the associated actions and timelines.

Pursuant to the Cabinet Decision (74) of 2020 on regulating terrorism lists and implementing the UN Security Council resolutions on combating terrorism, terrorist financing and the proliferation of weapons of mass destruction and their financing, and relevant resolutions, and as part of the implementation of targeted financial sanctions, reporting entities in the UAE are required to submit the fund freeze report on the goAML portal and provide details of the confirmed hit.

As part of the AML compliance regime, you must verify your customers before conducting a transaction or when customer information changes. Not only existing customer databases, but reporting bodies must also verify their prospective customers and other parties involved in the transaction, such as agents, beneficial owners and directors of the customer.

During the screening process, customers should be checked against the UN Security Council consolidated list and the UAE local terrorist list, as well as any other relevant international sanctions lists.

If the verified name does not match the local list or the UNSC list, this indicates that no sanctions have been imposed on the client and therefore the remaining client due diligence can proceed.

However, if the screening results show a confirmed match with the UAE local terrorist list or the UN Security Council consolidated list, reporting entities must take the necessary steps and comply with reporting obligations.

If the confirmed match concerns a new or prospective client, DNFBP should reject the client and not enter into a business relationship with them. In addition, the Funds Freeze Report must be submitted on the goAML platform within five calendar days.

If an existing customer is found to be in compliance with the Local List or the UNSC List, DNFBP must immediately freeze that customer's funds or other assets in DNFBP's possession and refrain from providing further services.

Freezing funds and terminating business relations with a sanctioned person should be completed within 24 hours.

In addition, such confirmed match cases should be reported within five calendar days by submitting an FFR on the goAML platform, regardless of whether the DNFBP had funds or assets to apply freezing measures.

When submitting the FFR, DNFBP must provide all required information about the confirmed game.

In addition, the DNFBP must indicate in the report whether it has taken any measures to freeze funds or assets of the designated person.

I hope this video has helped you understand the requirements related to submitting an FFR in the case of confirmed, approved matches and the required actionable and corresponding timelines.

Therefore, if you find a confirmed match with the UAE local terrorist list or the UNSC consolidated list, freeze funds or assets and report it immediately on the goAML portal by filing a Funds Freezing Report.

Time stamp:
0:00 Introduction to certain non-financial companies and professions
0:30 Cabinet Decision (74) of 2020
0:59 AML Compliance Framework
1:24 Demonstration
1:36 Customer due diligence process
1:48 Confirmed game
2:18 Existing customer
2:41 Submitting an FFR
3:03 Freezing of funds

#AMLUAE #FFR #fundfreezereport #uaeaml #fiu #dnfbps #eocn #goaml #cdd #unsc #tfs

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