Funds Freeze Report (FFR) and Partial Name Match Report (PNMR) filing with goAML
Funds Freeze Report (FFR) and Partial Name Match Report (PNMR) filing with goAML
As per UAE AML Laws, reporting entities are required to file two new reports viz., Funds Freeze Report (FFR) and Partial Name Match Report (PNMR).
As stipulated in the Cabinet Decision (74) of 2020, “Regarding Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combating of Terrorism, Terrorist Financing, Countering the Proliferation of Weapons of Mass Destruction and its Financing and Relevant Resolutions,” and as a part of the obligation for Targeted Financial Sanctions (TFS) reporting, reporting entities in UAE are supposed two submit two new reports in the goAML portal.
Submission of Funds Freeze Report (FFR) and Partial Name Match Report (PNMR) with goAML
1- Funds Freeze Report (FFR)
Reporting entities are supposed to file Funds Freeze Report to report any freezing measure, prohibition to provide funds or services, and any attempted transactions related to ‘confirmed matches.’
2- Partial Name Match Report (PNMR)
Reporting entities are supposed to submit Partial Name Match Report (PNMR) for any ‘potential match.’
Further, the goAML Registration portal now allows using the following Reasons for Reporting (RFRs):
- TFS/PFS – Domestic List
- TFS/PFS – UNSCRs
The Reporting entities are required to use the correct and most applicable Reasons for Reporting (RFRs) when submitting the TFS/PFS: Domestic List and TFS/PFS – UNSCRs via goAML.
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Further, Reporting Entities are expected to take all measures required as per cabinet decision (74) of 2020 in line with the procedures or guidance received from their supervisory authorities.
Reporting Entities should consult the published guidelines issued by their supervisory authorities and the Executive Office – IEC published guidelines, respectively, as updated from time to time in this regard.
A link to the Executive Office – IEC’s website is found herein: https://www.uaeiec.gov.ae/en-us/un-page
It is important that DNFBPS also follow the guidelines provided in Circular No. 1 of 2022: Implementation of Targeted Financial Sanctions on UNSCRs 1718 (2006) and 2231 (2015).
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About the Author
Pathik Shah
FCA, CAMS, CISA, CS, DISA (ICAI), FAFP (ICAI)
Pathik is a Chartered Accountant with more than 25 years of experience in compliance management, Anti-Money Laundering, tax consultancy, risk management, accounting, system audits, IT consultancy, and digital marketing.
He has extensive knowledge of local and international Anti-Money Laundering rules and regulations. He helps companies with end-to-end AML compliance services, from understanding the AML business-specific risk to implementing the robust AML Compliance framework.