In November 2023, the Austrian Sanctions List was added to AEB's portfolio of restricted party lists. Should this list be relevant for your company, and you wish to include it into your AEB Compliance Screening software, the Austrian sanctions list can be licensed in addition to your already existing content.
What is the meaning of this restricted party list?
The Austrian Sanctions List of the Österreichische Nationalbank (the central bank of the Republic of Austria) contains individuals and entities against whom financial sanctions, i.e. measures restricting capital and payments, have been imposed to combat terrorism. These are national targeted financial sanctions of the Republic of Austria, which supplement the sanctions of the European Union consolidated in the CFSP list.
The list consists of:
- natural persons committing, or attempting to commit, participating in or facilitating the commission of any act of terrorism;
- legal persons, groups or entities committing, or attempting to commit, participating in or facilitating the commission of any act of terrorism;
- legal persons, groups or entities owned or controlled by one or more natural or legal persons, groups or entities referred to in points (1) and (2); or
- natural legal persons, groups or entities acting on behalf of or at the direction of one or more natural or legal persons, groups or entities referred to in points (1) and (2)
According to section 16 of the Sanctions Act 2010 (SanktG), the ordinance of the Österreichische Nationalbank DL 2/2002 in the version of the ordinance (announcement) DL 1/2009 applies as an ordinance according to section 2 paragraph 1 SanktG and extends to all assets of the named persons.
This means that all funds, other financial assets and economic resources of the listed individuals and entities are frozen, and they are no longer able to access and use their money. To carry out terrorist activities, terrorists typically need to raise funds, move them, and finally use them for their purposes. Thus, the freezing of funds and assets has the aim to disrupt the flow of terrorist financing. Furthermore, there is a prohibition on the provision of funds or economic resources to the listed persons or entities.
Which companies should to screen against the Austrian Sanctions List?
The screening against this list is relevant for companies incorporated under or subject to Austrian law. Moreover, other companies may choose to conduct the denied party screening against the Austrian Sanctions List if, for example, their corporate compliance policies or contractual obligations require them to do so.
Do you need to license this list if you use third-party content in Compliance Screening?
If you screen your business partners against restricted party list content from third parties – such as Reguvis or Dow Jones – in your AEB Compliance Screening application, the Austrian Sanctions List may already be included in your content. In that case you do not need to license this list separately/additionally. For more information, please contact your content provider.
Efficient restricted party list screening – the Austrian Sanctions List and more: How can AEB help?
The AEB Compliance Screening Module takes care of restricted party list screening against the Austrian Sanctions List and performs the screening automatically in the background – upon request also integrated into SAP®, Salesforce, Microsoft Dynamics 365, and other ERP and CRM systems. Please find an overview of AEB's available restricted party lists here.
- If you wish to include the Austrian Sanctions List in your Compliance Screening, please request a non-binding quotation . Via the form, you can also contact a product expert.