How sanctions and embargoes affect international and domestic payments
Sanctions are prohibitions and restrictions involving financial activities through financial services. Embargoes are prohibitions and restrictions involving trade and commercial activity.
We need to make sure all payments being facilitated through BNZ comply with sanctions authorities.
Every international or domestic payment is treated as unique and reviewed on its own merits. If we need further information in order to meet these requirement, we may need to contact you, and in some cases this may lead to delays in processing your payments.
BNZ complies with a number of sanctions authorities, among them:
- The United Nations;
- The European Union;
- United Kingdom’s Office of Financial Sanctions Implementation;
- United States Office of Foreign Asset Control; and
- Australia’s Department of Foreign Affairs and Trade.
These sanctions apply to a variety of categories like jurisdictions, individuals or entities, and cover a variety of restrictions including dealing with specially designated nationals, certain products and services and arms and related materials. There are also some geographic and economic sector restrictions.