Sanctions Screening
The process of checking individuals or entities against sanctions lists to ensure compliance with international sanctions regulations.
Sanctions screening is a critical compliance process used to prevent violations of international sanctions by verifying that individuals or entities are not on designated sanctions lists.
This process involves cross-referencing names, identifiers, and other relevant data against databases of sanctioned individuals and entities. Failure to comply with sanctions regulations can result in severe penalties, including fines and legal actions.
Organizations are required to perform regular sanctions screenings as part of their due diligence and risk management processes, particularly in sectors with high exposure to sanctions risks, such as finance and trade.
Related Terms
Regulatory Examination
A thorough review conducted by regulatory authorities to assess an organization's compliance with laws and regulations.
Compliance Monitoring
The ongoing process of tracking and evaluating an organization's adherence to internal policies, procedures, and external regulatory requirements.
Due Diligence
A comprehensive investigation or assessment conducted before entering into a business relationship or transaction. In compliance contexts, due diligence refers to the thorough evaluation of third-party providers, business partners, or acquisition targets for regulatory and security risks.
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