Related Terms
DEFINITION
Sanctions Screening
Sanctions screening is the process of verifying that individuals and corporate entities are not included on official sanctions lists published by authorities to restrict business activities with certain countries, organizations, or persons.
Synonyms
Watchlist Screening, Compliance Screening
Acronyms
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Synonyms
Watchlist Screening, Compliance Screening
Acronyms
–
Examples
The bank screens all new clients against UN, OFAC, and other sanctions lists before establishing a relationship.
FAQ
What are the major sanctions lists that banks use for screening?
Key lists include OFAC, UN, EU, and HMT sanctions, which restrict dealings with listed individuals, companies and countries.
How often should banks screen against sanctions lists?
Screening should be done during onboarding and regularly thereafter, often daily, to capture any updates to sanctions lists.
What happens if there is a potential match against a sanctions list?
Potential matches must be investigated and escalated. If a true match, the bank cannot do business with the sanctioned party.
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