Knowledge Center

2018 Highlights: Designations & Sanctions Overview

2018 has already been active for U.S.-based sanctions and Denied Party Screening (DPS) with changes coming at an increasingly rapid pace. So far this year, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) acted on a number of items including the re-implementation of sanctions against Iran, the designation of Russian oligarchs and Venezuelan officials, the lifting of economic sanctions against Sudan, and more.

What is the Denied Party Screening Process?

The denied party screening process is a general term for the due diligence review of a business’s internal lists to ensure that transactions are not being conducted with entities included on a sanctioned list, watch list, concern list and more as well as countries that are either embargoed or sanctioned. It is also necessary to maintain accurate audits of a company’s denied party screening process and records of their compliance efforts.

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