EU sanctions require EU economic operators to immediately supply any information which would facilitate compliance with EU sanctions, such as details of accounts and amounts frozen, to the competent authorities of the Member State where they are resident or located, and to promptly transmit such information, directly or through the relevant Member States, to the Commission. They must also cooperate with the competent authorities in any verification of such information. Moreover, an economic operator who is aware that a non-listed legal person or entity is owned or controlled by a listed person or entity should inform the competent authority of the relevant Member State and the Commission either directly or through the Member State. Such reporting obligations apply without prejudice to the applicable rules concerning reporting, confidentiality and professional secrecy.

Additional reporting requirements may apply under applicable AML regulations and Member State’s laws.

More topics in this series