Financial Sanctions

Financial Sanctions

A financial sanction search is a type of background check that involves checking an individual’s name against financial sanction lists maintained by government agencies and international organizations. Financial sanction lists are used to identify individuals and entities that are subject to financial sanctions, such as asset freezes, travel bans, or other restrictions. Financial sanction searches are often used by employers or organizations as part of a background check for employment, particularly for positions that involve financial transactions or international business. Financial sanction searches may include checking an individual’s name against lists maintained by the Office of Foreign Assets Control (OFAC) in the United States, as well as lists maintained by other countries and international organizations. It’s important to note that the use of financial sanction searches is regulated by federal and state laws, and employers must obtain the individual’s consent before conducting a financial sanction search. Additionally, employers must ensure that the information obtained through the search is used only for legitimate business purposes and is treated confidentially and securely.