UN sanctions lists are diplomatic decisions enforced by the United Nations member states against states, entities, or individuals. These sanctions are measures of safety to preserve national safety interests, peace, and international law.
What Are UN Sanctions and How Do UN Regulations Affect Businesses?
Governments fight financial crime globally with new sanctions, including lists of states, entities, or individuals suspected of engaging in illegal activities.
International sanctions are generally special restrictions on cultural, economic, trading, and diplomatic relationships with a particular country-designated individual or organization.
Businesses must detect if their client is subject to any sanctions to apply needed restrictions. Businesses face legal measures such as criminal and civil penalties for not taking enough steps to comply with AML regulations.
United Nations impose sanctions for a reason. The subject might be a terrorist, criminal, or trader that might harm your business.
What Are UN Sanctions and UN Sanctions Types?
International authorities and the government enforce United Nations sanctions in response to a threat to international peace and security. United Nations is the most critical organization to maintain peacekeeping between nations. United Nations sanctions individuals, organizations, and countries to prevent terrorism, the proliferation of weapons, violation of international treaties, money laundering, drug trafficking, and destabilization of sovereign nations.
What Kind of Sanctions United Nations Impose?
Diplomatic: Removals of diplomatic ties such as country's councils or embassies
Economic: Trade prohibitions on certain economic sectors such as agriculture, arms, medical
Sport: Disqualification of a particular nation from participating in international events
Environmental: Preserving the environment and safeguarding natural resources
Which countries are on the United Nations financial sanctions list?
- Central African
- The Republic of the Democratic Republic of the Congo
- Democratic People's Republic of Korea
- ISIL and Al-Qaida
Organizations or individuals from the countries on the United Nations Sanctions List might be subject to travel bans, export and import ban, financial restrictions like not being allowed to conduct financial transactions or do business with UN countries or specific regions.
Other Sanctions Lists
The Consolidated Scan List (CSL) contains parties the United States Government has imposed restrictions on certain exports.
The Office of Foreign Assets Control (OFAC) is a US Department of Treasury agency that implements commercial and economic sanctions to support US security and foreign policy objectives.
The HMT sanctions list contains individuals and entities subject to specific financial restrictions as part of the UK's domestic counter-terrorism regime policy. It also includes those individuals prohibited by the United Nations and/or European Union.
The purpose of financial sanctions in the UK is to achieve specific foreign policy or national security goals.
The Benefits of Sanction Screening Services
Businesses have loads of clients and transactions. Companies can't check if their clients are on sanction lists manually because of the huge data. Sanction Scanner helps companies detect sanctioned individuals, organizations, and countries to comply with AML regulations. Using Sanction Scanner's solutions, businesses can reduce their workload and accurately detect sanctioned partners/customers.
Businesses can scan their customers on 3000+ Sanctions, PEPs, local and global sanctions lists, and Adverse Media data using Sanciton Scanner's solutions. You can integrate Sanction Scanner into your projects within hours. Sanction Scanner keeps its lists up to date. The lists keep updated every 15 minutes. The lists and data Sanction Scanner use are compatible with all regional sanctions and Anti-Money Laundering regulations. Contact us today to learn more about our sanction list screening products and more detailed information.