Proper sanctions list control is included in the requirements of money laundering legislation. It is also a way to reduce internal and external risks.
Complying with international economic sanctions has become increasingly important. International sanctions refer to economic sanctions or sanctions on other cooperation directed at named parties aiming at impacting the policies or activities of the party in question considered to be a threat to international peace and safety. The sanctions may be financial sanctions to prevent terrorism or other financial sanctions resulting in the freezing of assets. The assets within the EU of individuals or entities on a sanctions list must be frozen and all business activities with them refused.
If an obliged entity detects a person or entity among its customers on an asset freezing or sanctions list, the observation must be reported without delay to the Helsinki office of the National Enforcement Authority Finland, and it must refrain from all activities related to the assets of the person or entity in question.