Financial sanctions
Financial sanctions
To ensure that it does not initiate or continue business relationships with individuals or entities subject to financial sanctions or listed on sanctions registers, and to prevent the transmission of payments related to such parties, XacBank screens customer information, including ultimate beneficial owners and transaction counterparties, against relevant sanctions lists.
In addition to complying with United Nations Security Council Resolutions (UNSCR), XacBank adheres to other applicable sanctions, including those issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the European Union (EU). The implementation of AML/CFT and financial sanctions programs is carried out through a combination of the bank’s compliance oversight, internal audit, external audit, and supervision by regulatory authorities.
