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2. Sanctions Screening | 8 Step Guide
2. Sanctions screening
Adherence to international sanctions is crucial for preserving integrity and legality in business transactions. Screening Latvian companies and their stakeholders against reputable sanctions lists helps prevent unwitting involvement in prohibited activities or associations with entities engaged in illicit practices.
When beneficial owners and directors of the company are identified from the Enterprise register, a reputable sanctions list such as the one provided Financial Intelligence Unit of Latvia (https://sankcijas.fid.gov.lv/en/search) and US Office of Foreign Assets Control (https://sanctionssearch.ofac.treas.gov/) can be utilized to screen the company and associated individuals against sanctions, embargoes, and restricted party lists.
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By obtaining publicly available information in this manner a company can make better-informed decisions and avoid potential risks. Checking registrations, evaluating financial stability, and even doing a quick online search can infuse further confidence in the transaction’s and business partner’s integrity and suitability. Switching to English on websites of state institutions might limit access to the same comprehensive databases available in Latvian, resulting in less information and poorer functionality.
What to do in case of uncertainties?
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