Glossary

Blacklist

What is a blacklist?

Blacklisting is a process of putting the incoming events to the banned list, the material of which was gathered from false banking operations. Bank can put a person or an organization to the blacklist. The most common reasons are illegal, unethical or unfavorable activity.

The blacklist may include just as SME so intercontinental holdings. Blacklist accessibility varies as well. It might be private or public. When the financial monitoring department of the bank notices a suspiciously huge transaction amount, it initiates the check procedure. The person or organizations will be checked in the internal and public databases.

Actually, inclusion into the blacklist denies access to banking services. Besides this, blacklisting may result in other serious problems. Their examples are goodwill and credibility loss, financial complications, etc. It is also important to indicate that the process of getting out of this list is not so easy.

To avoid blacklisting, do not to make financial deals that may be treated as suspicious-looking operations by the bank. In addition, you need to monitor the required criteria adherence and try to meet them. Upon the request of the bank, it is also essential to provide documents and specific data which explain the economic sense of the present bank operations.

Blacklisting on the higher level includes adding some countries to the list by the Financial Action Task Force. Countries from the list lose credibility, companies avoid them in terms of investments and doing business, etc.

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