Sanctions Screening

A Sanctions Screening determines if a customer is subject to financial sanctions. As explained by the FATF in Recommendations 6 and 7 of the FATF Recommendations:

§6. Countries should implement targeted financial sanctions to comply with United Nations Security Council resolutions relating to the prevention, suppression and disruption of terrorism and terrorist financing and … §7 … proliferation of weapons of mass destruction and its financing.

Sanctions issued by relevant jurisdictions are restrictions put in place by authorities to achieve a specific policy or national security objective, and can limit the provision of certain financial services. Almost always, financial services will need to avoid individuals on sanctions lists of their home jurisdiction and any other jurisdiction they wish to do business in, and thus must continually monitor these lists for updates.

Sanctions Screening through Fractal ID

Fractal ID queries an externally maintained compilation of sanctions lists with a potential customer’s name and other identifying details. A selected list of included sanctions from several jurisdictions, international and regional organizations (e.g. United States’ OFAC List, United Nations and European Union lists) is constantly consulted for updates.