A survey by the UK Law Society revealed that almost half of surveyed businesses did not check whether their customers were listed on a sanction list. Many were not even aware that sanctions lists existed.
When engaging with any individual or organisation, it is imperative to perform the necessary sanction checks. This cannot be a single check as lists can be updated with new entries multiple times per day.
Launchpad CRM Helps Protect You From Penalties
Many nations, including members of the EU and United Nations, impose severe penalties for engaging in business activities with people or entities identified on the sanctions list, including the possibility of custodial sentences.
For example, are you aware of the following?:
- Criminal Offence – under Al Qaida and Taliban (United Nations Measures) Order 2006 and the Terrorism (United Nations Measures) Order 2006 it is a criminal offence for any natural or legal person to; deal with the funds of designated persons, or make funds and economic resources available, directly or indirectly for the benefit of designated persons.
- Counter terrorism – Under the Terrorism (United Nations Measures) Order 2006, you must not make financial services available, directly or indirectly to or for the benefit of designated persons.
- Financial Restrictions – you must not knowingly and intentionally participate in activities that would directly or indirectly circumvent the financial restrictions or enable, or facilitate the commission of any of the above offences.
As ever, ignorance of the law is not a basis for legal defence.
Launchpad CRM Automatic Sanctions
This is why Launchpad CRM includes an automatic check against every account and contact to see if they are listed on any of the following sanction lists;
- Australian Financial Sanction Consolidated List
- US Denied Persons List
- US Unverified List
- US Entity List
- European Union Consolidated List
- OFAC Foreign Sanctions Evaders (FSE) List
- OFAC Palestinian Legislative Council (PLC) List
- OFAC Specially Designated Nationals (SDN) List
- OFAC Sectoral Sanctions Identifications (SSI) List
- OFAC Non-SDN Ukraine Sanctions List
- OFAC Non-SDN Iranian Sanctions List
- OFAC Part 561 List
- OFAC Syria Sanctions List
- Canadian OSFI Anti-terrorism Financing List
- United Kingdom Consolidated List
Positive and Negative Sanctions Check
Launchpad CRM automatically updates and consolidates all of these sanction lists into a single searchable database containing thousands of entries on a weekly basis so you can be assured that you are working against the latest information. The result of the sanction search requires no interaction by a user; a green triangle indicator means no sanction entry was found, a red triangle means the sanction data should be reviewed.
Negative Sanctions Check Information
If possible sanctions are identified, simply clicking the resulting red triangle displays the relevant sanction data for review;
Launchpad CRM’s Features and Benefits Continue
The Launchpad CRM Sanction Checker provides a valuable service for our customers; which no other CRM tool supplier provides (at the time of writing this article). This isn’t the only really useful benefit that comes with Launchpad CRM. Whether you are:
Launchpad CRM has really neat features which have the benefit of easing your use of Launchpad CRM and helping you to deliver higher growth and predictable revenue. Click the links above to see more.