A Sanctioned Entity is an individual, organization, or country subject to legal restrictions and financial prohibitions due to various factors including criminal activity, terrorism, or international policy violations.
Key Aspects
- Legal restrictions
- Financial prohibitions
- Trade limitations
- Asset freezes
- Transaction bans
Types of Sanctions
- Economic sanctions
- Trade restrictions
- Asset freezes
- Travel bans
- Technology restrictions
Compliance Requirements
- Entity screening
- Transaction monitoring
- Documentation
- Reporting obligations
- Risk assessment
Detection Methods
- Name screening
- Transaction monitoring
- Risk assessment
- Due diligence
- Regular updates
Best Practices
- Regular screening
- Documentation
- Risk monitoring
- Compliance updates
- Staff training
Working with sanctioned entities can result in severe penalties, requiring robust compliance programs and continuous monitoring.