Financial Sanctions are imposed on certain individuals and government entities to achieve specific national security and foreign policy objectives. Sanctions are typically mandated by the UK, EU and UN as a way to discourage a regime or individuals within a regime from engaging in offending and corrupt behaviour. Sanctions are also used to limit the misappropriation of assets, until such time that those assets can be repatriated.
Financial Sanctions are an important consideration in Anti Money Laundering, they ensure that businesses are not unknowingly facilitating bad behaviour. As part of your KYC processes it is important to identify any solicitation of business originating from a sanctioned individual or entity and to cease any further business relations when a sanction has been discovered.
The consolidated list includes all designated persons subject to financial sanctions under EU and UK legislation, as well as those subject to UN sanctions which are implemented through EU regulations.
The above database is sourced from HM Treasury and is refreshed once every 24 hours.