UAE banks and other financial institutions operating have been instructed to search and freeze any accounts or deposits or investments held by individuals designated as terrorists or organisations. A Circular was issued by Central Bank of UAE on Thursday.
Central Bank advised banks and other financial institutions operating in the UAE to apply enhanced customer due diligence for any accounts they hold belonging to six Qatari banks.
Two circulars were issued based upon UAE Cabinet Resolution 18/2017 designating 59 individuals and 12 entities as terrorists or terrorist organisations.
At the same time, a number of financial institutions based in Qatar that has held accounts for these sanctioned individuals and entities have been identified. Those banks are Qatar Islamic Bank, Qatar International Islamic Bank, Barwa Bank, Masraf al Rayan, Qatar National Bank, Doha Bank.
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