(1) A Relevant Person must establish and maintain systems and controls to ensure that on an ongoing basis it is properly informed as to, and takes reasonable measures to comply with, any findings, recommendations, guidance, directives, resolutions, Sanctions, notices or other conclusions issued by:
(a) the government of the U.A.E. or any government departments in the U.A.E.;
(b) the Central Bank of the U.A.E. or the FIU;
(c) U.A.E. enforcement agencies;
(e) the Basel Committee on Banking Supervision;
(f) the Regulator; and
(g) any other jurisdiction which promulgates Sanctions to which it is subject,
concerning the matters in (2).
(2) For the purposes of (1), the relevant matters are:
(a) arrangements for preventing money laundering, terrorist financing or the financing of weapons of mass destruction in a particular country or jurisdiction, including any assessment of material deficiency against relevant countries in adopting international standards; and
(b) the names of Persons, Groups, organisations or entities or any other body where suspicion of money laundering or terrorist financing or the financing of weapons of mass destruction exists.
(3) For the purposes of (1), measures that a Relevant Person must undertake when taking reasonable measures to comply with findings, recommendations, guidance, directives, resolutions, Sanctions, notices or other conclusions, include, but are not limited to, measures:
(a) requiring specific elements of enhanced CDD;
(b) requiring enhanced reporting mechanisms or systematic reporting of financial transactions;
(c) limiting business relationships or financial transactions with specified persons or persons in a specified jurisdiction;
(d) prohibiting Relevant Persons from relying on third parties located in a specified jurisdiction to conduct CDD;
(e) requiring the review and amendment, or if necessary termination, of correspondent relationships with banks in a specified jurisdiction;
(f) prohibiting the execution of specified electronic fund transfers; or
(g) requiring increased external audit requirements for financial groups with respect to any of their branches and subsidiaries located in a specified jurisdiction.
(4) A Relevant Person must immediately notify the Regulator in writing if it becomes aware of non-compliance by a Person with a finding, recommendation, guidance, directive, resolution, Sanction, notice or other conclusion and provide the Regulator with sufficient details of the person concerned and the nature of the non-compliance.
|Amended on (15 April, 2019).|