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Sanctions are penalties imposed on individuals or institutions that do not comply with laws or rules. A sanction decision is generally applied by governments or global organizations to other states or individuals.
There are more than thousands of global and local sanctions lists published by USA, UK, UN and other global government departments.
Sanction lists are public lists. Sanction lists have global and local implications. Some of the important Sanction Lists;
•United Nations Sanctions (UN)
• US Consolidated Sanctions
• OFAC — Specially Designated Nationals (SDN)
• EU Financial Sanctions
• UK Financial Sanctions (HMT)
• Australian Sanctions
• SDFM Terror List
• Interpol Wanted List
• Russian Sanction List
• Canada Sanction List
• UN Sanction List
and 1000+ different government lists
Governments aim to restrict the transactions of persons on the sanction lists. Sanction check is to take measures to prevent transactions with persons prohibited from certain transactions and activities. There are various penalties given to the companies that perform the transactions of the sanctioned persons. For this reason, companies identify sanctioned persons through sanction checks.
Sanctions lists include individuals, organizations or all nations involved in criminal of the following activities:
•Human rights violations
•International contract violation
New sanctions lists are published every day in the world. So far, there are thousands of sanction lists published in the world. Most of these sanction lists have different complicated structures. Furthermore, it is almost impossible to manually control such a list. You have to spend hours to control a single person. Sanction Screening Services solve this problem. Sanction Screening Services such as Sanction Scanner allow you to search and query from these lists. Using Sanction Screening Services, you can check the sanction lists in seconds. Sanction Screening Services help firms to make sanction check faster and more reliable.
Financial crimes are increasing with the development of technology. Financial crimes mostly occur through financial systems. Regulators aim to prevent financial crimes with AML regulations. According to AML regulations, sanction lists are the most important lists to be checked. Financial institutions have to check their customers to comply with regulations.