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What sanctions screening involves
Targeted financial sanctions apply to every person in the UAE. The two lists, who must act, and the six steps from registering to keeping the proof.
2 min
Who to screen, and when
Four screening moments and the full list of names: customers, prospects, past customers, every party to a transaction, beneficial owners and agents.
2 min
Deciding the match
Confirmed, partial or false positive: how a hit is resolved, what to do while it is open, and the ten-day limit for a counterparty's documents.
2 min
Freezing without delay
What a confirmed match triggers: freeze everything within 24 hours, without notice, say nothing to the customer, and reject a prospect or counterparty.
2 min
Reporting within five business days
The confirmed and partial name match reports on goAML, what they contain, the five-year look-back, and the immediate notice to the supervisor.
2 min
Keeping the proof
Every screening result kept five years, the internal controls the rules require, what a sanctions programme contains, and what non-compliance costs.
2 min