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web3glossarysanctions screening
Sanctions Screening

Summary

Sanctions screening is the process of checking individuals, entities, or transactions against lists of sanctioned parties to ensure compliance with regulatory requirements.

Detailed Description

Sanctions screening involves the use of databases that compile information on individuals and entities prohibited from engaging in transactions due to regulatory mandates. This process helps organizations identify risks associated with doing business with sanctioned parties, thereby mitigating legal and financial penalties. This can include checks against government lists and international sanctions, such as those maintained by the U.S. Office of Foreign Assets Control (OFAC) and the United Nations.

Category
Compliance
Synonyms
Compliance Screening
Sanctions List Screening
Sanctions Check
Sanctions Due Diligence

Impact Details

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Yirifi's stakeholder, regulatory-compliance, and risk-impact analysis for this term.

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Financial Institutions

Banks and financial institutions perform sanctions screening during customer onboarding and transaction processing to comply with regulatory requirements.

Industries:

Finance
Banking

Platforms:

Banking Systems
Transaction Processing Systems
Export and Import Businesses

Companies engaged in international trade utilize sanctions screening to ensure that their clients and suppliers are not listed on any sanctions lists.

Industries:

Import/Export
Logistics

Platforms:

ERP Systems
Trade Compliance Software
Financial Institutions

Banks and financial institutions perform sanctions screening during customer onboarding and transaction processing to comply with regulatory requirements.

Industries:

Finance
Banking
Insurance

Platforms:

Banking Systems
Transaction Processing Systems
Customer Relationship Management (CRM) Systems
Export and Import Businesses

Companies engaged in international trade utilize sanctions screening to ensure that their clients and suppliers are not listed on any sanctions lists.

Industries:

Import/Export
Logistics
Manufacturing

Platforms:

ERP Systems
Trade Compliance Software
Shipping Management Systems
E-commerce Platforms

Online retailers implement sanctions screening to vet their suppliers and customers to maintain compliance across borders.

Industries:

E-commerce
Retail

Platforms:

E-commerce Websites
Payment Processing Systems

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FAQs

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