Reporting Entities are required to conduct ongoing assessments to determine whether they are in possession or control of any funds or other assets that are owned or controlled, directly or indirectly, by or on behalf of a listed person or entity.

A listed person or entity refers to any individual or organisation included on the United Nations Security Council (UNSC) Consolidated List or the local sanctions list established pursuant to applicable domestic legislation.

To comply with this requirement, Reporting Entities must:

• First, determine whether any of their customers or clients appear on the UNSC Consolidated List or the local list; and
• Second, ascertain whether they are holding or dealing with any funds or other assets belonging to or associated with such listed persons or entities.

• See UNSC Sanctions List here.