Glossary > Sanction list
Worldwide governments are establishing sanction lists that blacklisted economic individuals and entities.
They list individuals or organizations that engaged in illegal activities such as money laundering which represent increased risks. Therefore, companies cannot do business with sanctioned people or entities. Governments now also blacklisted individuals and entities involved in illegal cryptocurrency activities.
Sanctions are measures taken by regulators or governments against countries, partners, regimes, or other persons due to violations of international law. It also applies to criminals and terrorist organization members who prohibit doing business in a particular country or sector.
Part of AML compliance involves ensuring that the customers do business which are not subject to any sanctions and that your company can adequately assess the risks of working with them.
Sanction lists are part of AML policies. Obliged companies must thus put in place sanctions controls to remain compliant.
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