As part of a sanction list check (often called a "sanction check"), a company must check its business contacts against various sanctions lists. This check includes sanctions for:
Individuals
Organisations
Companies/businesses
These are individuals, organisations and companies sanctioned on the basis of political, terrorist or illegal activities. If countries take measures against such persons, it is forbidden to do business with them.
What is the sanction list check?
A sanction list is an official list of companies, persons and organisations against which economic and/or legal restrictions have been imposed.
In Switzerland, there are different types of penalties depending on the type of offence committed:
Comprehensive sanctions
They apply indiscriminately to states and their citizens. They often have significant negative humanitarian impacts on the civilian population as well as on third countries.
Targeted sanctions
They are aimed directly at natural and legal persons who are responsible for a breach of the peace or a threat to international security. These so-called "targeted sanctions" are therefore usually more effective and have no or significantly fewer side effects on the civilian population and third countries.
Financial sanctions
Switzerland is also doing conceptual work in the area of targeted financial sanctions. In 1998 and 1999, international experts discussed possible improvements in this area in Interlaken at the invitation of the Swiss government. The results of this Interlaken process were published as a handbook in 2001.
Control can be carried out manually or through the use of software.
How to get on a sanction list?
To be placed on a sanction list, you must have violated the law or committed one of the following offences:
Terrorist activities and financing of terrorism
Manufacture of weapons ( or the financing of their manufacture )
Human rights violations
Money laundering
Where can I find the sanction list?
The sanctions lists are usually available online. This way, everyone has access to this information and no one can claim that they did not have it available when doing business.
Therefore, be very careful before making an agreement with the other party.
The check against the SECO sanctions list can be carried out by means of an individual query on the SECO website:
Which countries are currently sanctioned?
Not only individuals or companies, but also entire countries can be sanctioned.
The aim was to harm the sanctioned country by trying to change an event that was unpleasant for several countries. For example, in a war situation.
Burundi
Central African Republic
Russia
Cuba
Crimea region
Iran
Iraq
Lebanon
Libya
North Korea
Somalia
South Sudan
Sudan and Darfur
Syria
Venezuela
Yemen
Most of the countries listed here have arms or trade embargoes.
How Touchpoints can help with this issue?
Every company is as unique as its data and processes. For this reason, it is of utmost importance to protect, verify and control company data.
We offer two data protection-compliant software tools for in-house use on this topic.
We are happy to help you with this and support you in the area of data quality, help with the validation, optimisation and completion of addresses, data standardisation and much more through the use of two tools.
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