Are you concerned about bank blacklists? Doing business with blacklisted banks can be risky. To reduce this risk, it is important to adhere to the obligations and standards prescribed through KYC and AML standards.

A set of global standards for combating money laundering, terrorist financing and other threats to the global financial system includes the banking system. Banks that do not implement global standards through legal and regulatory measures end up on black and grey lists.

What is a black list?

This list contains the names of banks that do not cooperate in global efforts to prevent financial crimes such as money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction or their business activities are not focused on preventing money laundering, terrorist financing or the financing of proliferation. Their AML frameworks are not sufficient to deal with the global threat of money laundering. Their business activities also put others at risk of financial fraud and endanger their economic system.

The blacklist informs other participants about the status of such a bank and warns them that doing business with such a bank or a person associated with such banks is dangerous for their business as well.

We do not have direct authority to prohibit you from doing business with such banks or clients associated with such banks, but our risk classification system will recommend that you refrain from such a business venture and you will consequently be required to take additional actions in the field of AML.

It is also worth mentioning that anti-money laundering regulations prohibit business if so-called shell banks (a shell bank is a credit or financial institution or an institution that performs activities equivalent to those of credit or financial institutions, which is not physically present in the country or territory in which it is established, nor has real management or administration and which is not a member of a regulated financial group subject to effective consolidated supervision) are involved in this business venture.