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Sanctions glossary
Updated 20 July 2019
Term |
Definition |
Automated screening |
Using software to screen customer details. |
Controlling a legal person, group or entity |
Means any of the following:
|
Deal with (in relation to economic resources) |
Exchange, or use in exchange, for funds, goods or services. |
Deal with (in relation to funds) |
|
Designated activity |
An activity restricted or prohibited by a sanctions measure. |
Designated person |
A person, group or entity that is a designated person for the purpose of asset freezes against designated persons (Part 3 of SAFL) by virtue of any one or more of the following –
|
Economic resources |
Assets of every kind, whether tangible or intangible, movable or immovable, which are not funds but can be used to obtain funds, goods or services. |
Escalation procedures |
The process of escalating a problem up the chain of command. |
False Positives |
An individual or entity flagged as a potential match in screening, but on subsequent investigation turns out not to be an actual match. |
Financial services |
Any services of a financial nature, including –
|
Financial trading |
Trading for own account or for account of customers, whether on an investment exchange, in an over-the-counter market or otherwise, in any of the following –
|
Freezing of economic resources |
Preventing their use to obtain funds, goods or services in any way, including, but not limited to, the selling, hiring or mortgaging of them. |
Freezing of funds |
Preventing any move, transfer, alteration, use of, access to, or dealing with funds in any way that would result in any change in their volume, amount, location, ownership, possession, character, destination or other change that would enable funds to be used, including portfolio management. |
Funds |
Financial assets and benefits of every kind, including any of the following –
|
Fuzzy testing |
An information technology technique that can be used to identify additional potential matches through variations in spelling and punctuation e.g. if a search is for “Alistair”, it will also pick up “Alasdair” and “Alastair” and variations in punctuation such as the USA or U.S.A. |
Indirect payment |
Payment being made to someone acting on behalf of the designated person. |
Licence |
Written authorisation to allow an activity that would otherwise be prohibited. Conditions may be attached, such as reporting requirements. |
Name match/ |
Where screening flags up a person or entity whose name matches the name of a sanctions target. This does not necessarily mean that the person or entity identified is in fact a target match. |
OFAC |
Office of Foreign Assets Control. |
Owning a legal person, group or entity |
Being in possession of 50% or more of the proprietary rights of a legal person, group or entity, or having a majority interest therein. |
Payment for the benefit of a designated person |
|
PEP |
An individual who is or has been entrusted with prominent public functions in a foreign country, for example Heads of State or of government, senior politicians, senior government, judicial or military officials, senior executives of state owned corporations and important political party officials. |
Relevant financial institution |
|
Target |
An individual or entity subject to sanctions restrictions. |
Target match/ |
Confirmed match against a person or entity who is the target of sanctions. |
UK Consolidated List |
List of sanctions targets published by Her Majesty’s Treasury in the United Kingdom. Consists of the names of the individuals and entities that are listed as sanctions targets by United Nations resolutions, European Union Regulations and United Kingdom legislation. |
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