In case readers missed our news item in our weekly Round Up last week ,we reported that the Irish Central Bank (CBI ) has updated its sanctions webpage with an infographic and financial sanctions FAQs . We were locating a link for readers to EU guidance on ownership and control referenced in the FAQs. This is now linked below.
The CBI FAQs includes a question on whether sanctions only apply to those on the sanctions lists? In the answer CBI says that where you identify that a sanctioned individual or entity owns or controls the individual/entity with whom you are transacting, you should fully assess the impact of this ownership or control. When conducting this assessment, you should refer to the EU Commission’s guidance on ownership and control. This guidance on ownership/control can be found in EU Best Practices which was updated in 2022.
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