Targeted Financial Sanctions Guideline for Insurance Sector

Targeted Financial Sanctions Guideline for Insurance Sector

Targeted Financial Sanctions Guideline for Insurance Sector

The Executive Office for Control & Non-Proliferation has issued Targeted Financial Sanctions Guideline for Insurance Sector. It is published in collaboration with ADGM (Abu Dhabi Global Market), CBUAE (Central Bank of the UAE), and DFSA (Dubai Financial Services Authority).

The Targeted Financial Sanctions Guideline for Insurance Sector seeks to clarify the specific TFS obligations of the insurance sector. It provides specific guidance in relation to the four obligations mentioned in the “Guidance on Targeted Financial Sanctions For Financial Institutions (FIs), Designated Non-Financial Businesses and Professions (DNFBPs) and Virtual Assets Service Providers (VASPs)” (TFS Guidance) issued by the Executive Office for Control & Non-Proliferation (EOCN), which are:

  1. Subscribe;
  2. Screen;
  3. Apply Targeted Financial Sanctions without delay; and
  4. Report.

This guidance also supplements the “Guidance for LFI on the implementation of Targeted Financial Sanctions” issued by the Central Bank of the UAE. It also clarifies some general obligations of the insurance sector.

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