Compliance in the Wirtschafts-Compass

Sanction lists 

Compliance

What are sanctions lists?

A sanctions list is a publicly accessible list of persons, groups, organisations, business enterprises or even whole countries or states against whom economic and/or legal restrictions have been imposed by specific countries or communities of states. Also specific goods may be subjected to sanctions in order to prohibit delivery of certain goods to stated persons and/or states.

The lists are intended to serve the purpose of fighting terrorism and depriving it of its basis by restricting any financial transactions and access to economic resources.

Business enterprises are required to check whether their business partners are listed in a sanctions list or counter-terrorism list. If that is the case, they must not be provided with any economic resources or financial grants and the assets of a person concerned may have to be frozen.

Processing of sanctions lists by the Wirtschafts-Compass

The Compass Group processes the most important global sanctions lists on a daily basis. Relevant information is made available in the Wirtschafts-Compass under the "Compliance" service, which can be used to check whether enterprises, persons or organisations can be found on one of those lists.

Currently the following sanctions lists are being processed:

  • EU (European Union Consolidated Financial Sanctions List)
  • United Nations Security Council Consolidated List
  • US Consolidated Sanctions List (Non-SDN Lists)
  • US Specially Designated Nationals List

The subjects of those lists are compared with other registers, such as the Austrian Business Register, and identified accordingly. Thus, the fact that an enterprise is subject to sanctions will be stated in its business profile.

In the near future other sanctions lists will be integrated as well, such as from the United Kingdom of Great Britain and Northern Ireland, Switzerland, Australia and Canada.

We would be pleased to advise you personally.

If you need data in an automated form, we will find the optimum solution for you. Please contact us.

Your contact person

Klaus Heidenreich

Compass-Verlag GmbH
Schönbrunner Str. 231 | 1120 Vienna
Phone: +43 / 1 / 981 16-260
E-Mail: klaus.heidenreich[at]compass.at
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