Is this list relevant to your company? If so, you can now easily integrate it into your AEB Compliance Screening application.
With the August 2021 service pack, AEB is expanding its restricted party list portfolio to include the Australia Consolidated List (AUCL). From now on you can license this list in addition to the already included lists as needed.
What is the meaning of this restricted party list?
The Australian list includes individuals and entities against which the UN Security Council or the Australian government have issued targeted financial sanctions. For the practical implementation of these sanctions, companies must ensure that they do not make funds or other assets available, directly or indirectly, to the sanctioned individuals or companies. This list is published by the Australian authority “Department of Foreign Affairs and Trade” (DFAT). On the DFAT website, you will find further explanations concerning the AUCL and helpful instructions, for example on what to do in case of a “match”.
Which companies need to screen against the AUCL restricted party list?
Companies or organizations incorporated under or subject to Australian law must screen against this list. The former refers to Australian companies with an Australian legal form, the latter may also include, for example, branches or representative offices of companies incorporated abroad that trade in Australia. In addition, other companies may choose to screen against the Australia Consolidated List if, for example, their group-wide compliance policies or contractual obligations require them to do so.
Do you need to license this list if you use third-party content in Compliance Screening?
If you screen your business partners against restricted party list content from third parties (such as Reguvis or Dow Jones) in your AEB Compliance Screening application, the Australian AUCL restricted party list may already be included in your content, and you may not need to license this list separately. Contact your content provider directly to inquire about this.
Efficient restricted party list screening – AUCL and more: How can AEB help?
Compliance Screening takes care of restricted party list screening against the Australia Consolidated List and does this automatically in the background – also integrated into SAP®, Salesforce, Microsoft Dynamics 365, and other ERP and CRM systems on request. For an overview of restricted party lists available from AEB refer here.