Knowing your customer is vital!
Swedish banks that intend to enter into contracts, directly or indirectly, with a U.S. financial institution must to be accepted as full partners, or at all accepted, clearly be able to show that they are to carry out screening against the OFAC list. The Sanctions are administered by the Office of Foreign Assets Control (OFAC),
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Editorial Team
- April 28, 2011
- 1 minute
Swedish banks that intend to enter into contracts, directly or indirectly, with a U.S. financial institution must to be accepted as full partners, or at all accepted, clearly be able to show that they are to carry out screening against the OFAC list.
The Sanctions are administered by the Office of Foreign Assets Control (OFAC), which is an agency under the Ministry of Finance (Department of the Treasury). The sanctions mean that transactions with so-called Specially Designated Nationals and Blocked Persons (SDN) is blocked or frozen, the same applies to assets.
The Swedish Data Inspection Board decided in September of 2010 that the Swedish Bankers' Association members may process personal data relating to offenses.
"We are very happy to be able to provide our customers with a solution to these challenges. Knowing your customer is vital to any business”, says Dan Sjöholm, CEO at Trapets AB.
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