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Sanctions List FAQ

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Sanctions lists are publicly accessible directories of companies, organizations, or individuals upon whom economic and/or legal restrictions have been imposed. In this article, we will answer some frequently asked questions about sanctions lists, compliance, and risk management.

What is a Sanctions List?

A sanctions list is a publicly accessible directory of companies, organizations, or individuals upon whom economic and/or legal restrictions have been imposed.

What is the OFAC List?

The OFAC Sanctions List is released by the Office of Foreign Assets Control (OFAC) to safeguard US foreign policy objectives while protecting international trade from terrorist acts and illegal trading in arms and drugs.

Who is Obliged to Check Sanctions Lists?

Every company, regardless of size or industry, is obliged to screen both new relationships as well as existing relationships for sanctions.

Why Do Sanctions Lists Have to be Checked?

Sanctions list checks are required to perform business transactions in a legally compliant manner. Failure to carry out these checks may have legal consequences, including heavy fines or imprisonment.

How Often Do Sanctions Lists Have to be Checked?

The ideal solution would be for sanctions lists checks to run automatically in the background of your ERP or CRM system.

Which Sanctions Lists Need to be Checked?

According to EU regulations and the Foreign Trade and Payments Act, every company that is resident or economically active within the EU is obliged to check the European Common Foreign and Security Policy (CFSP) list.

How Can Sanctions Lists be Checked?

As a company, you face the challenge of finding a means to check the various sanctions lists in a way that is both thorough and cost-effective, and without disrupting your day-to-day business. Thus, a proficient software is required to run the screening in the background automatically.

What are the OFAC Sanctioned Countries?

It depends on the country you belong to and the sanctions list applicable to you. You can check that on our solution specifically designed to run a sanctions check for you.

What is the Purpose of OFAC Sanctions?

The OFAC sanctions list is important to avoid working with entities and people who are non-compliant, companies are also avoiding risks to their business and safeguarding their public image. The longer-term aim is to combat terrorist activities worldwide.

Please note that these answers are based on the text you provided, and it’s always best to consult with a compliance expert or attorney for specific guidance on sanctions list checks and risk management.