Sanctions Obligations

Relevant Law/ Regulation: HM Treasury Sanctions Notices and News Releases, UN Sanctions resolutions 1267 (1999), 1373 (2001), 1333 (2002), 1390 (2002) and 1617 (2005); EC Regulation 2580/2001, 881/2002 (as amended), 423/2007 and 1110/2008; Terrorism Act, 2000, Sch 2 and Terrorism (United Nations Measures) Orders 2006 and 2009 (other sanctions lists may apply)

Sanctions Obligations:

  • Ensure no legal barriers (e.g. government sanctions)
  • Positive and false alerts
  • Comprehensive freezing of funds and economic resources
  • Obligations apply to all firms, not just financial institutions
  • Identification of designated persons subject to sanctions
  • Identification of Politically Exposed Persons
  • Manual / automated checking (ensuring data is robust)