Are you compliant with sanctions?

With so much going on the in the world it’s essential to ensure your company is compliant. To make compliance a little easier Doorda has added the UK sanctions list into LUGUS. If you already have access to LUGUS you’ll see ‘Sanction Check’ listed under the Risk Register section.

The new endpoint allows you to offer an embedded free text search against the sanctions list directly into your app. The search algorithm also includes aliases and common name variants. The sanctions list will be updated regularly to ensure you are searching against the latest version. If you don’t already have an account you can create a trial account here.

Sanctions in the UK are managed by the Office of Financial Sanctions Implementation, part of HM Treasury.

So why do we have financial sanctions?

  • These are imposed on individuals, organisations, businesses and countries to:
  • coerce them into changing their actions
  • deny access to finance and other economic resources that would allow them to finance these actions
  • signal disapproval, stigmatise and potentially isolate them
  • send broader political messages nationally and internationally
  • protect assets that have been misappropriated until they can be returned

The UK implements all financial sanctions imposed by the United Nations and the European Union. It can also impose its own domestic financial sanctions in certain circumstances.

Do I need to comply with financial sanctions?

All UK and non-UK individuals, businesses and charities need to comply with financial sanctions if they are:

  • carrying out activities within the UK’s territory
  • established under UK law and operating overseas

All UK citizens need to comply with financial sanctions wherever they are in the world.

To find out more about sanctions compliance visit Office of Financial Sanctions Implementation.