FINANCIAL AND TRADE SECTIONS
Financial and Trade Sanctions (collectively “Sanctions”) are part of a package of measures applied by individual countries, International Organisations, or Regional Bodies, to fight aggression, terrorism, criminal behaviour, or violations of human rights.
These sanctions measures are intended to motivate a change in behaviour by the individual, regime, or jurisdiction concerned, or to deprive terrorists and criminals of access to funds.
In general terms, sanctions legislation prohibits the exchange of funds, services or goods with those who are subject to sanctions.
The most frequently applied measures are:
- embargoes on exporting or supplying arms and associated technical assistance, training and financing
- a ban on exporting equipment that might be used for internal repression
- financial sanctions on individuals in government, government bodies and associated companies, or terrorist groups and individuals associated with those groups, by stopping the flow of money to or from them
- travel bans on named individuals
- bans on imports of raw materials or goods from the sanctions target
- bans on exportation or importation of goods relating to specified industries or the raising of capital for these industries.
Other measures may be applied according to individual circumstances. A failure to comply with these obligations can carry serious consequences, including criminal penalties.
To ensure that the requirements imposed by the European Union, the UK, the UN Security Council, and other countries in which Lloyds Banking Group operates, are fulfilled, Bank of Scotland has a sanctions policy in place which meets and, in some cases, exceeds, what is required by law.
With this in mind, Bank of Scotland exercises a risk based and diligent approach when business is proposed in the following countries and regions:
- North Korea
- Burma / Myanmar
- The Crimean peninsula including Sevastopol.
If you are planning to directly or indirectly engage in any form of business, or to remit or receive funds (in any currency) in a way which may involve the countries and regions in the list above, or an individual or entity who has been specially designated, then please contact us beforehand, as transactions could otherwise be delayed, rejected, or frozen.
This list is based on our understanding of the position at the date of publication, and may be subject to change in the light of experience, evolving risks, legislation, or regulation.
Contact information can be found by clicking on the “contact us” link on this page. Or, if you have a named Private Banking and Advice Manager, please get in touch with them.
Bank of Scotland plc and Lloyds Bank plc are both part of Lloyds Banking Group. More information on Lloyds Banking Group can be found at www.lloydsbankinggroup.com
Bank of Scotland plc
Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland No. SC327000. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 169628.
Lloyds Bank plc
Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278..