OFSI Consolidated List
OFSI Consolidated Tool
Actions to be taken by FIs, DNFBPs and NPOs to determine if a customer, potential customer or beneficial owner is designated under a financial sanctions regime.
All financial institutions, designated non-financial businesses and professions, and non-profit organisations should identify and assess the sanctions risks to which it is exposed and implement a sanctions screening programme commensurate with the nature of its business, size, complexity, the countries covered, etc. In doing so, consideration should be given to:
- what customers the FI or DNFBP has (international or domestic), where those customers originate or are located, and what business they undertake;
- the volume of transactions and distribution channels; and
- what products and services the FI or DNFBP offers.
FIs and DNFBPs exposed to sanctions risk must screen their customers, potential customers, beneficial owners, and transactions on an ongoing basis (at least daily and each time an FSN is issued), to identify potential matches with the Office of Financial Sanctions Implementation (OFSI) Consolidated List.
FIs and DNFBPs using automated screening programs should ensure that the program covers OFSI designations. FIs and DNFBPs that do not utilise automated screening programs can use the OFSI search engine accessed via this link to search the Consolidated List to confirm if a customer, potential customer or beneficial owner is designated under a financial sanctions regime.
The Financial Services Commission supervises and monitors FIs, DNFBPs and NPOs for compliance with customer due diligence (know your beneficiary/donors in the case of NPOs) and transaction monitoring rules regarding targeted financial sanctions.
Actions to be taken by FIs, DNFBPs and NPOs if a customer, potential customer or beneficial owner is designated under a financial sanctions regime
1. Freeze such accounts and other funds or economic resources.
2. Refrain from dealing with the funds or assets, or from making them available (directly or indirectly), to the entries unless approved by the Governor.
3. Report any findings to the Governor, with any additional information, that would facilitate compliance with the Regulation.
4. Provide any information concerning the frozen assets of the entry that the Governor may request, noting that information reported to the Governor may be passed on to other regulatory authorities or law enforcement.