What are Sanctions?
Economic sanctions are used as a tool of foreign policy by many governments. Economic sanctions are usually imposed by a larger country upon a smaller country for one of two reasons: either the latter is a perceived threat to the security of the former nation or that country treats its citizens unfairly.
“Sanctions screening to identify terrorists and other persons posing a risk to national security, is a key control in the prevention of financial crime risk.”
- The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury
List of Comprehensively Sanctioned Countries:
- North Korea
- Cuba
- Syria
- Russia
- The following regions of Ukraine: Crimea, Donetsk and Luhansk
Please note that cards issued by any of the above banks will no longer be supported by Mastercard & VISA regardless of where they’re used and therefore payments made by any customers with these cards will result in the payment being blocked due to country blacklist.
Peach Payments conducts regular sanction screening across all merchants. Peach Payments utilises a broad list of consolidated sanctions, including those issued by the US Office of Foreign Asset Control (OFAC), UK HM Treasury (HMT), European Union (EU) and United Nations (UN). These lists are regularly updated.
Please note that Sanctions regulations vary significantly by country.
