The UAE Executive Office for Control & Non-Proliferation (EOCN) has released a consolidated list of Terrorist Financing (#TF) and Proliferation Financing (#PF) red flags 🚩. This is aimed at aiding obliged entities – Financial Institutions (FIs), DNFBPs, and Virtual Asset Service Providers (VASPs) – to spot potential TF and PF activities, especially those evading financial sanctions under the United Nations or local rules. 🌍💼
Key takeaways:
🔵 Obliged entities must subscribe to the EOCN Sanctions List Alerts, and to take immediate action in the event of a name match. Follow this link to subscribe: https://www.uaeiec.gov.ae/en-us/un-page
🔵Reporting requirements: Obliged entities have legal obligations under UAE law 📜 to report suspicious transactions. Whether it’s an attempted transaction or any suspicious funds, they need to be flagged 🚩 to the UAE Financial Intelligence Unit (FIU): https://www.uaefiu.gov.ae/en/
🔵 Reporting isn’t just about compliance – it’s pivotal to UAE’s fight against financial crime 🛡️💰. The data is crucial for law enforcement to stop the flow of illicit funds.
🔵 Specific virtual assets reg flags (although VASPs should consider all flags in their risk assessment):
– The use of virtual assets sent to select wallets at unregulated exchanges or in sanction-influenced areas. 🖥️💼
– Quick crypto-to-fiat conversions at the same exchange after transferring funds to an exchange’s banking account. ⏳🔄
