As explained, we use sanction lists globally – after all, who wants to be in business with anyone funding crime and terrorist activities? This is not only a moral decision but one enforced by law. So it’s likely no matter who you are, you are subject to sanction lists around the world.
For example, some of the sanction lists include:
These lists affect most people and businesses globally. For instance, the UK is not only subject to our list but also the EU’s list. Furthermore, we follow Worldwide restrictions and avoid anyone associated with terrorist activities, the same as in most other countries.
As you can see from the links above, sanction lists are usually made available online. This is so everyone can have access to them and no one has a true excuse to not have this information available to them when creating business relationships.
However, manually searching through these lists and the masses of data they hold on each prohibited individual or country is no easy task. This is further complicated when you consider that as a business you are also expected to monitor these relationships in case they end up on a sanctions list. Taking on the challenge of checking every person, company, country, and region you work with every time you do business would take a huge amount of human resources.
That’s why most businesses would choose to use a tool that puts this data together and allows them to instantly check online to keep up to date with sanction screening. Creditsafe compliance products and sanction checks do exactly this and can deliver you an answer instantly, as well as alert you to any changes that happen to any companies you monitor.
You can be confident that you are complying with sanction and KYC laws and protect your business from some of the penalties that happen when you get into business with the wrong sort of people.
Sanction screenings not only help protect your business and reputation but help prevent further spread of financial crime.
To learn more about how you can access PEPs and Sanctions checks, click here.
As we’ve mentioned, it’s not just individuals and businesses that you have to avoid doing business with. You can also be prohibited from whole countries and regions. This varies between different countries (there are some variations between EU and US sanction lists, for example) but some of the sanctioned countries include:
The restrictions in these countries can be anything from embargos on weapons and arms, bans from funding from other countries to extensive trade laws. Each sanctioned country on these lists has different rules and regulations that you will need to be aware of before doing any business.
To stay updated it would be more efficient to use Creditsafe’s PEP and Sanction checks or check the updated lists found on the Government websites.
To see the updated list of sanctioned countries visit the Treasury website.