Sanctions Information for Customers
Sanctions information for customers
Sanctions (as defined) are restrictive measures imposed on individuals or entities or countries in an effort to curtail their activities and to exert pressure and influence on them. Sanctions regulations are derived from the foreign and security policies of the United Nations, the European Union and the United States, amongst others.
Comprehensive sanctions aim to prevent all transactions with the Sanctioned Country. However they generally allow for exemptions for humanitarian and medical purposes under a general license. However, outside of those exemptions, there can be no imports, exports, provision of financing, exchange or distribution of technology, or any other financial or trade activity.
We have a zero tolerance for breaches of Sanctions (as defined) and will not knowingly provide banking services to persons, entities, vessels or countries where the provision of such a service would breach (or has the potential to breach) Sanctions.
- Sanctioned Countries means any country or other territory subject to a country-wide export, import, financial or investment embargo which, as of the date hereof, includes Iran, North Korea, Syria and Crimea; and additionally Cuba in respect of transactions which have a nexus to the United States.
- There are comprehensive sanctions in place against each of the Sanctioned Countries and accordingly, it remains outside our risk appetite (and profile) to provide financial services to customers resident, incorporated or otherwise located in the Sanctioned Countries or where we are on notice that customer funds either originate in or are ultimately destined for use in these countries.
- In certain limited circumstances permitted by law, licence and/or exemption, and strictly on an exceptional case-by-case basis requiring our prior approval, we will consider (at our sole discretion) commencing or continuing a customer relationship with a natural or legal person having trade links to a Sanctioned Country strictly subject to all requirements identified as part of our enhanced due diligence process being met. We do however reserve the right to decline any application or transaction which falls outside our risk appetite.