What does sanctions legislation entail?
Sanctions legislation refers to regulations that require organisations to comply with sanctions imposed by, among others, the United Nations, the European Union and the government. This means that you must identify and verify your clients and check whether they appear on sanctions lists.
Who is subject to sanctions legislation?
It is not only financial institutions that are bound by these rules. Professional service providers such as solicitors, notaries and tax advisers may also be subject to sanctions legislation if the nature of their services so requires.
What sanctions apply?
When a client is designated as suspicious or sanctioned, various measures may apply, such as:
- freezing of funds,
- a ban on making financial resources available,
- restrictions on the provision of services.
These sanctions are published by bodies such as the EU, the UN and national authorities.
Mandatory periodic monitoring
The rules require monitoring not only at the start of a customer relationship, but also throughout its duration. This includes:
How does RegLab help you with this?
RegLab supports your firm in complying with sanctions legislation efficiently, securely and accurately:
- Automated screening of clients against sanctions lists and high-risk countries.
- Continuous monitoring for up-to-date risk management.
- Reporting options in the event of deviations or changes.
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