Sanction Screening – Basics
What is Sanction Screening
“Sanctioned” word in Financial World implies to those Individuals and Entities, which have been
found involved in Financial Crimes like Money Laundering and Terrorist Financing.
A “Sanctions Screening” is an activity done as part of KYC/AML Procedures followed by a Bank that
ensures that the Bank does not provide any form of Banking services to sanctioned entities and
individuals.
There are thousands of sanctioned people, many organizations, and even few sanctioned countries
in the world (Like Iran, Russia, North Korea).
These Sanctions Individuals and Entities Details are collected in a Sanctions List
What is a Sanction List
A sanctions list is a publicly accessible list/database of companies, entities, institutions and
individuals upon whom economic and/or legal restrictions have been imposed.
Doing business with companies, organizations, or individuals, who are under sanctions, is not
allowed.
The purpose of sanctions lists is to combat international terrorism by restricting access of funding to
terrorist groups so that they cannot plan and execute terrorist acts.
Some of the Major Sanctions lists that can be checked as part of Sanction Screening are -
• United Nations Sanctions List
• OFAC Sanction List
• UK Sanction List
• Switzerland Sanction List
• Australian sanction List
