Compliance procedures for doing business — A sanction check

Source: https://fee.org/articles/sanctions-on-russia-are-worse-than-useless/

Asanction check verifies whether a person or an entity is subject to any sanctions imposed by governments or international organizations. Sanctions are restrictive measures that aim to prevent or deter certain activities or behaviors that are considered harmful, illegal, or unethical. Sanctions can include freezing assets, banning travel, prohibiting trade, blocking financial transactions and etc.

How

To do a sanction check, you need to compare the name and other identifying information of the person or entity you want to deal with against various sanction lists that are published by different authorities. Some of the major sanction lists are:

1. The Specially Designated Nationals (SDN) List and other consolidated lists maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC)
2. The Consolidated List of Financial Sanctions Targets maintained by the UK’s Office of Financial Sanctions Implementation (OFSI)
3. The Consolidated List of Persons, Groups and Entities Subject to EU Financial Sanctions maintained by the European Union (EU)
4. The Consolidated United Nations Security Council Sanctions List maintained by the United Nations (UN)