The UAE has established itself as a key financial hub, making sanctions screening a crucial part of compliance for financial institutions. This article provides clear, detailed regulatory information on sanctions screening requirements for Banks, Electronic Money Institutions (EMIs), Virtual Asset Service Providers (VASPs), and Payment Service Providers (PSPs) in the UAE.
Since 2018, sanctions enforcement in the UAE has significantly strengthened in alignment with international standards, particularly the recommendations set by the Financial Action Task Force (FATF). Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) laws in the United Arab Emirates (UAE) have continued to evolve to meet international expectations.
Sanctions screening requirements vary slightly depending on the type of financial institution. Below are the key regulations that apply to each type of entity in the financial sector.
Certain practices apply to all financial institutions in the UAE, regardless of their specific sector:
While automation is not explicitly required by UAE regulations, it is highly recommended for large financial institutions or those handling substantial transaction volumes. Automation offers several advantages, including:
In addition to ensuring compliance with sanctions regulations, automated sanctions screening offers several other benefits:
The UAE government and its regulatory authorities have issued several key recommendations to ensure that financial institutions meet their sanctions screening obligations:
Complytek helps mid-market institutions fight money laundering with its award-winning Client Lifecycle Management (CLM) platform.
Recognized by Chartis Risktech AI 50, our CLM combines AI-powered monitoring and risk management to streamline compliance and combat the global $3 trillion global money laundering problem
Get started fast with deployment in just 48 hours for SaaS or 45 days for SaaP—at 15% lower cost than traditional systems. Complytek supports businesses by simplifying compliance and managing client lifecycles effectively.