Trading with parties on relevant sanctions lists is prohibited. AUCL stands for the Consolidated List in Australia. Does it apply to you and if yes, what then?
The Australian Consolidated List, or short AUCL, is a list of all persons and entities who are subject to targeted financial sanctions under Australian sanctions law. Listed parties can be Australian citizens, foreign nationals, residents in Australia or outside of it. This sanctions list is issued by the Australian Government’s Department of Foreign Affairs and Trade (DFAT). Australia’s targeted financial sanctions prohibit the following:
Australia’s Consolidated List includes all persons and entities to which the Charter of the United Nations Act 1945 and the Autonomous Sanctions Act 2011 currently apply. This follows the transition of Australia's targeted financial sanctions from the Banking (Foreign Exchange) Regulations 1959 to the Autonomous Sanctions Regulations 2011. Australian sanctions laws implement both United Nations Security Council (UNSC) sanctions as well as Australian autonomous sanctions.
The AUCL does not include persons or entities listed under other Australian laws, or the sanctions laws of other countries – so, depending on your activities, you may need to check and ensure compliance with other laws and global sanctions lists.
There is no leeway for compliance with targeted financial sanctions – it’s prohibited to supply any kind of asset to designated persons or entities. Non-compliance with the AUCL is a serious criminal offence and penalties include up to ten years in prison for individuals and significant fines for individuals and corporate bodies.
Companies or organizations need to ensure not to do business with parties listed on the Consolidated List in Australia if:
The Australian government offers clear advice on their website for anyone who comes across a “match” – i.e. who finds a person or entity that they want to do business with on the Consolidated List:
They also offer guidance if anyone is (or even think they might be) using or dealing with an asset that is owned or controlled by a person or entity on the AUCL:
The Australian Federal Police also provides assistance to asset holders if they are unsure whether or not an asset is owned or controlled by a person or entity on the Australian Consolidated List. You can complete an online form with as many details about the asset as possible and email it to the AFP. You can find more information directly on the DFAT website.
AEB's Compliance Screening software runs automated business partner screening in the background of your transactions. Optional integration into your ERP/CRM systems such as SAP®, Salesforce, Microsoft Dynamics 365, and more. And with extended content from Dow Jones and Reguvis.
The scope of and entries on sanctions lists change frequently and dynamically. It’s therefore best to check against applicable sanctions lists, like the AUCL if it’s relevant for you, on every business transaction from offer to delivery. Based on the number of entries on sanctions lists, it would be highly cumbersome and very time-intensive to do such checks manually. The only way to efficiently screen against sanctions lists regularly is doing so with software.
AEB’s Compliance Screening software automatically runs sanctions list screening for you in the background of your transactions while your everyday business continues without interruptions. It offers a vast number of sanctions lists to choose from and you can use the software from anywhere in the world to secure your trade transactions. Sanctions list checks are done in real-time and updates by authorities are available automatically so you don’t need to worry and can trade with peace of mind.
