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What does the sanctions check mean for companies?

The world and global economic relations have unfortunately changed permanently since September 11, 2001. With consequences for every company in Germany: in order to prevent the financing of terrorist activities, the EU and the USA, based on resolutions of the United Nations Security Council, have issued numerous regulations to combat terrorism.

The result is the so-called sanctions lists, which list all persons, associations or companies against which economic and/or legal restrictions have been imposed by states or communities of states. The provision of economic resources to persons, organizations or companies affected by sanctions is prohibited.

What are sanctions lists?

Sanctions lists are publicly accessible lists that list all persons, associations or companies against which economic and/or legal restrictions have been imposed by states or communities of states. They result from the EU Counter-Terrorism Regulations (EC) No. 881/2002 and 2580/2001 and are now an integral part of compliance and export controls.

The regulations stipulate that all companies and industries must conduct a comprehensible check of all business addresses against the sanctions lists and the persons, organizations and companies published therein. If a company has a business relationship with an affected person, this contact may not receive any economic resource as well as any financial benefit. Those who do not comply may well face severe penalties. The company is liable, and the persons affected are almost always the managing directors, but in some circumstances also the person responsible for exports.

Manual check of the sanctions lists

Of course, it is possible to check the relevant sanctions lists manually and free of charge. For the European regulations, for example, the federal and state justice portal is available online for this purpose. However, in many cases, manual checking turns out to be time-consuming and error-prone, as it involves a great deal of effort.

Why should software be used for testing?

1. All business relationships must be permanently checked due to regular sanctions list adjustments.
2. Each contact check must be performed manually in several portals.
3. There is an increased need for coordination as well as documentation of the sanctions list check, as the control of business contacts is often not only carried out in the management, but also in individual departments.

Our sanctions list check – up to date, legally and evidentially secure

Actuality of the lists

Regular automatic data updates guarantee that business contacts are checked on the basis of the currently valid sanctions lists. In addition to the EU sanctions lists, other national and international sanctions lists (over 150 lists) are also available on request.

Adjustments to legal changes

software updates in the event of changes to the legal framework are provided by us. In the event of changing test guidelines, we thus ensure that the current regulations are met.

Legally compliant logging

The clear and evidentiary logging of the inspection serves as proof of legal compliance for any inspections that arise. For example, automated logging significantly reduces the time and effort required for checks, which means that employees can now concentrate on their actual tasks.

Automated and ad hoc control

In order to do justice to as many test cases as possible, both a regular automated check and an ad hoc check are possible. In this case, it is possible to decide which data should be compared and how often. In the case of ad hoc checking, it is also possible to specify the data to be checked in advance, whereby this check can be triggered either manually or on the basis of previously defined triggers, such as a quotation creation.

Clarity

Current and past check results are stored in a central location (addresses remain on the customer system) and can thus be displayed regardless of the result. In the case of a positive result, for example, in addition to the time of the check, it is also indicated in which list the business contact in question is listed and with which data.

Our integrations with other ERP systems

Infor LN Integration

For seamless integration of the inspection logic into your company, the integration of our solution into Infor LN is an option. Fully automated processes such as the insertion of blocking notes in the event of a positive finding or verification after a trigger has been triggered are possible. A fast response time is guaranteed. You decide on the depth of integration, e.g. when creating business partners, printing an order confirmation or sending your goods, etc., and retain a lasting overview.

Neutral ERP connectors

Ready-made connectors/interfaces are available for a large number of ERP systems, such as: Infor Com, SAP, Microsoft Business Central, Oxaion, IFS, Asseco and many more. These are constantly being expanded.

Operating in the cloud or rather on premise?

Cloud or in-house solution

Depending on your requirements, our solution can be implemented in the cloud or in-house. This gives you the choice between a flexible and convenient online solution or an implementation on the company’s own infrastructure.

Flexible pricing model

Whether as a rental model in the cloud or an in-house solution at a fixed price: you have maximum transparency over the costs at all times. The basis for this is the number of contacts to be checked (scales).

Are you interested in our sanctions list check? Then contact us directly by e-mail or by phone at +49 681 929-2348.