The Finance Ministry on Tuesday announced the implementation of a revised and locked notification template for outgoing transfers of funds, in accordance with the provisions of the relevant article under the applicable regulation.

According to the announcement, the decision aims to eliminate inconsistencies in the submission of information and to enhance the validation and processing of data for inclusion in the ministry’s database.

Moreover, the revised approach is intended to expedite the evaluation process of submitted information and ensure the correct enforcement of restrictive measures.

To resolve the challenges identified with the previous system, the ministry has developed a new notification template that is now available on its official website.

This updated template consists of two separate files, tailored to the category of the notifying entity.

Legal persons, entities and bodies with an obligation to notify under paragraph 1 of Article 5r are required to complete and submit the new template on a quarterly basis.

This requirement will take effect from July 1, 2025.

Credit and financial institutions with a notification obligation under paragraph 2 of Article 5r are expected to submit the template on a semi-annual basis, also starting from July 1, 2025.

Completed notifications must be sent electronically to the Finance Finance through the following email address: [email protected].

Furthermore, the ministry clarified that all information submitted or received will be used strictly for the purposes for which it was intended.

It added that all data will be handled in line with current data protection legislation.