WHAT is forbidden?
It is forbidden to carry out commercial activities with partners, customers or suppliers that fall under sanctions lists, regardless of the location the contact takes place or the activity takes place. All European and US companies are therefore obliged to verify ALL their business partners, based on the current Sanctions Lists.
You might legitimately ask yourself how to meet this legal requirement within your company. Hire or train experts? IMPOSSIBLE!?
WHO is involved in this ban?
All traders and all natural and legal persons and organizations involved in commercial transactions:
- All entrepreneurs
- Industrial companies
- Exporting companies
- Commercial companies
- Enterprises for the supply of services
- Insurance companies
- Leasing companies
- Air and charter transport
- Mail order companies
- Consultants for investments or financial intermediaries
- Dealers, vehicle dealer
- Commercial internet platforms
- Internet service providers
- Freight forwarders, delivery service providers
- Employment agencies and employment centers
- Real estate agents and managers
- Accountants, auditors
AND all branches at home and abroad.
WHERE is it written?
Every European company, regardless of its size and the sector in which it operates, is obliged by law to provide for and monitor the sanctions lists. In the European Union (EU) it is sanctioned by the EU regulations on sanctions and embargoes. Violations of the prohibition rules are punished with imprisonment from 1 to 10 years (National Foreign Trade Law).
The additional obligation to comply with the US lists is established by the "US-Export Administration Regulations" or the "US-Person" requirement. The provisions concerning "Secondary Sanctions" obligate every company in the world to execute Sanction-Screening of US lists. Violations of US prohibition rules are punished with heavy prison terms and with inclusion on US lists. Inclusion in the lists involves the prohibition of purchasing US assets from American companies and in the United States and of selling goods to American companies and in the States. There are many European companies that comply with US listings and deny the supply of goods to companies registered in them. With the entry into the United States there is the risk of arrest and condemnation of a heavy prison sentence (in an American prison).
Failure to provide or execute a Sanction-Screening is imputed as an imprudent and intentional "fault of organization". If the failure leads to carrying out a prohibited commercial activity with a person, company or organization falling within the sanctions lists, it is also imputed as an intentional offense by the management body or the administrative councils / steering committees.
Every business contact today represents a security risk – we protect you!
HOW MUCH does my security cost?
Save up to 90% compared to an inhouse solution!
- No need to have your own software.
- No need to change software or buy expensive updates.
- No reorganization of the staff is necessary for the evaluation and Risk-Management.
- No personal costs and no non-wage costs for the company.
- The company does not run any risk such as strike, sickness or accident.
- Material costs rather than personel costs listed in the balance sheet.
- There is no need for a specific work place.
Tel.: +800 700 600 55
Fax: +800 700 600 56
WHO can help?
LCC – Legal Consultancy & Compliance – is specialized in the control and in the legal evaluation of your business contacts. The lawyers appointed by the LCC have more than 20 years of experience in the field of foreign commercial law and in the controls of commercial contacts. LCC-Experts GUARANTEE YOUR SAFETY! WE ASSUME the complete CONTROL of business contacts in a responsible and legally secure manner, verifying that they are not included in lists of sanctions and embargoes, and EVALUATE suspect cases and registered matches.
„If you think, compliance is expensive, try non-compliance …“
Further services of the LCC experts:
- Advice on foreign commercial law, export control and compliance requirements
- international organization planning
- Implementation of a Compliance Organization within the parent company, but also in all affiliated companies all over the world
- Creation of ICP (Internal Control Program) and manuals
- Implementation of business processes
- Classification of company assets
- Execution of appraisals
- Outsourcing of export control tasks and taking charge by LCC-experts
- Representation as lawyer in juridicial investigations and criminal proceedings