Sanctions are violent measures taken by a country or group of countries against persons, groups of persons, entities, or countries for a variety of reasons.
Sanctions can be divided into different types:
1. Financial sanctions: the aim is to prevent certain persons, entities, or countries from accessing the financial system and/or money.
2. Arms embargos: the aim is to stop the transfer of weapons and military equipment to conflict zones or regimes that are likely to use them for internal repression or aggression dual-use goods.
3. Entry ban: the purpose is to prevent certain persons from entering or transiting the territory of the country.
The objective of international sanctions is to maintain and restore peace, prevent conflicts, strengthen international security, support and strengthen democracy, respect the rule of law, human rights, and international law and pursue other objectives of the European Union’s common foreign security policy.
International sanction is a measure that is not related to the usage of armed forces and its implementation has been decided by European Union, United Nations, or a state government.
The aim of international Financial Sanctions is to prevent the subject of the sanctions fully or partially from using or disposing of funds and economic resources to the sanctions target, e.g.: granting a loan and credit or disbursing funds on the same basis as disbursement of deposits, dividends, interests income and of other such funds.
Screening for sanctions risk is a mandatory condition for regulated entities across all sectors and is a crucial step in the KYC process. Furthermore, penalties for breaching sanctions may be severe.
Assuring your business has a powerful sanctions screening program in place is fundamental. Access to thorough and accurate sanctions risk data is therefore critical.
Enhance alert quality with an up-to-date, real-time AML risk database of Sanctions and Watchlists. Vespia provides over 4000 AML databases and commercial registers of 300 jurisdictions.
Tailor your Sanctions screening program to your risk-based strategy and minimize false positives. Vespia reduces your sanctions checks to less than a minute.
Businesses can make the control process quicker and safer using Vespia's PEP Screening technique. Catch risks that might damage your business's reputation with global and real-time data.
Uncover criminals who have committed the following crimes on the sanction lists.
Vespia proposes solutions for your business to meet AML Compliance with global AML & sanction lists data.
Reinforce your business' AML Compliance globally with Vespia's solutions set according to FATF and European Union regulations.
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