When should sanctions lists be checked?

Sanctions list screening must be performed in a variety of situations to ensure that no business or transactions are conducted with sanctioned persons.

Customer Acquisition

Before entering into a new business relationship with a customer, supplier, business partner or investor, it is advisable to check against the sanctions lists.

Periodic Review

Existing business relationships should be reviewed periodically to ensure that no existing partners have been added to a sanctions list in the meantime. The frequency may depend on the company's specific needs and risk profile.

Transactions and Payments

Each and every financial transaction, especially international wire transfers, should be checked against sanctions lists prior to execution.

Supply Chain Management

Companies should regularly screen their suppliers and subcontractors for sanctions violations.

Overall, sanctions list screening should be an integral part of a company's compliance strategy and should be performed regularly to minimize legal and financial risks. Automated systems such as collana shield can help make the process efficient and seamless.