As a provider of global sanction lists, we want to ensure that you are updated and aware of how we at Trapets ensure that the latest developments are reflected correctly in all our Sanction Lists Services.
As a result of close collaboration between our clients and Trapets’ in-house compliance experts, a new screening list has been created, fulfilling the EU’s 50 per cent rule.
The EU’s sanctions guidelines require that owned companies and subsidiaries of EU-sanctioned entities must be assessed according to the criteria of the 50 per cent rule. This, of course, applies to entities controlled by sanctioned Russian oligarchs.
Trapets identified that most of the affected companies and entities were not included in the original EU sanction list. Knowledge of this discovery led Trapets to develop a proprietary ‘Sanctions Extension EU list’. Clients of Trapets can now automatically screen their clients and suppliers against the newly developed list as part of their KYC screening process.
Trapets work closely with local and global clients to ensure the developed products and services successfully solve their clients’ ongoing compliance needs. Gunnar Wexell, the co-founder of Trapets, stated that “it is our duty to provide our clients with the most up-to-date sanction lists so that they can quickly and effectively know their customers and comply with regulations in the fight against financial crime. Gunnar continued, “We are extremely proud of how quickly our team responds to our clients’ changing requirements and how our team continue to provide industry-leading solutions for our clients”.
According to the EU’s sanctions guidelines, “The criterion to be considered when assessing whether a legal person or entity is owned by another person or entity in possession of more than 50% of the proprietary rights of an entity or having a majority interest in it. If this criterion is satisfied, it is considered that the legal person or entity is owned by another person or entity.”
For questions, please contact:
Sanja Gabler, CMO
+4670 289 15 44
Trapets AB is one of Europe’s leading SaaS providers of AML, KYC, CDD, and Trading Surveillance solutions and technology via their complete compliance platform – Instantwatch. The company is a market leader in Northern Europe and provides financial and regulated business compliance solutions. In addition to its all-in-one compliance platform, Trapets offers a fully outsourced trade surveillance service.