4. Notification to Cbuae and Executive Office

Effective from 4/7/2021

Under Article 21(5) of Cabinet Decision 74, LFIs must immediately notify the CBUAE in the following cases:

	•	Identification of funds and actions that have been taken as per requirements of Relevant UNSCRs or decisions of the Cabinet regarding the issuance of Local Terrorist List (including but not limited to freezing), including attempted transactions.
	•	Detection of any match with Listed Persons or entities, details of the matched data, and actions that have been taken as per the requirements of Relevant UNSCRs and Local Terrorist Lists, including attempted transactions.
	•	Identification of a previous customer or an occasional customer listed on the UN Consolidated List or Local Terrorist List.
	•	Suspicion that a current or previous customer, or a person with whom they have a business relationship, is a Listed Person or has a direct or indirect relationship with a Listed Person.
	•	No action has been taken due to a false positive and the inability to dismiss a false positive through available or accessible information (i.e. given insufficient information, such as matching identifier information, address, DOB, or nationality). Please see also section 3.5 above.
	•	Unfreezing of Funds, identifying the information relating to funds that have been unfrozen, including their status, nature, value and measures that were taken in respect thereof, and any other information relevant to such decisions.

Under Article 15(2) of Cabinet Decision, LFIs must also notify the Executive Office of any freezing measures and/or attempted transactions.

According to the Executive Office’s Guidance on Targeted Financial Sanctions for FIs and DNFBPs, LFIs should notify the CBUAE and the Executive Office within two (2) business days from taking any freezing measure and/or attempted transactions. For the reporting mechanism and form(s), please consult the CBUAE’s and the Executive Office’s websites as updated from time to time.