Regulatory Requirements

As per Cabinet Decision 10 of 2019 (Articles 11, 12, 44.7, and 60), Financial Institutions, DNFBPs, and Virtual Asset Service Providers must conduct sanction screening for all customers, regardless of transaction amounts.

What is Sanction Screening?

Sanction screening involves verifying new and existing clients against major sanction lists, including:

- United Nations

- UAE

- OFAC

- HMT

- EU

Targeted Financial Sanctions

Targeted sanctions aim to freeze assets and prevent funds from being made available to sanctioned individuals, entities, or organizations.

Consequences of Non-Compliance

The supervisory authorities may impose various administrative sanctions for non-compliance, including:

1. Letter of warning

2. Administrative penalties (AED 50,000 to AED 5,000,000 per violation)

3. Banning from working in the sector

4. Constraining powers of responsible individuals

5. Suspension or removal of managers and board members

6. Suspension or restriction of activities

7. License cancellation

Compliance is Key

Regularly screen customer databases and transactions against sanction lists to ensure compliance and avoid penalties.

Mitigate Risks with Winnow MS AML Solutions

At Winnow MS, our AML solutions help you navigate regulatory requirements. Our sanction screening tool ensures compliance by screening clients against:

- UNSC and UAE Local terrorist lists

- Major global sanctions

Stay Ahead of Regulatory Risks