YELLOW CARD GLOBAL SANCTIONS PROGRAM: FUNDS SEIZURE
Targeted Financial Sanctions:
Yellow Card is required to screen against the proscribed persons and entities as identified by the resolutions of the United Nations Security Council (UNSC), OFAC and related global regulatory bodies.
Financial sanctions restrict entities—countries, businesses, or even individuals from purchasing or selling financial assets, or from accessing custodial or other financial services.
Non-compliance can result in heavy fines, penalties, or criminal prosecution.
As a financial institution, Yellow Card is obligated to abide by these laws and to restrict transactions that are suspected of violating the applicable Sanctions rules.
How can a transaction violate the Sanction Rule?
A transaction can violate sanctions rules in several ways, including:
Involving a sanctioned person or entity or wallet
A transaction can violate sanctions if it involves a person or wallet or entity that is sanctioned(has been added to the global sanction list).
Involving a sanctioned jurisdiction
A transaction can violate sanctions if it involves a jurisdiction that is sanctioned(a country or region that has violated the global sanctions regulation).
Manipulating payment messages
Manipulating payment messages or doctoring financial representations can violate sanctions.
Where do my funds go after it has been restricted?
When an incoming transaction is suspected to be coming from a Sanctioned jurisdiction or Sanctioned entity it is restricted and held until we receive clear directives from the local regulatory authority and/or OFAC.
Is there any way to appeal a funds restriction?
Customers can apply directly to the local regulatory authority or OFAC and appeal to have their funds released.
To better understand your country and global Sanction regulations, please click on the links below.
Office of Foreign Assets Control (OFAC): https://ofac.treasury.gov/faqs/41.
Nigerian: https://nigsac.gov.ng
South Africa: https://www.fic.gov.za/targeted-financial-sanctions/