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Sanctions are retaliatory / preventive measures targeted against a state or an association of various governments. The sanctions may include:

1) ban on export / import (i.e., commercial boycott)

2) freeze of assets (i.e., freeze on bank accounts, other liquid assets, properties situated in jurisdiction of sanction imposing state(s)).

3) ban on travel or boycott of financial services / commercial dealings with certain individuals, entities or government officials.

4) ban on providing services to the vessels (or other mode of commercial transport).

5) any other punitive/preventive measure.

To ensure that you are in compliance with the applicable sanction, you need to ensure that you are not breaching any of the actions taken by your government and you are not supporting the sanctioned state (either directly or indirectly). To ensure this lists are prescribed by the states containing name of individuals, entities, vessels, goods, which are not allowed to be entertained, hence you are are required to screen the names to ensure the compliance.

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14y ago

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