In response to the Russian invasion of Ukraine in 2022, the United States and the EU have sought to curb the aggression through a number of economic sanctions.
„The geopolitical developments of recent months have significantly increased the importance of financial sanctions. Compliance with sanctions has become particularly relevant for businesses engaged in international trade. We hear from our clients that a large number of businesses still do not have an effective way to verify that their customers, suppliers and other partners are not on sanctions lists. As a financial institution, we have been using both external and in-house developed sanctions screening tools in our day-to-day operations for more than ten years. To help our clients and other companies efficiently verify their business relationships, we have made our internal sanction screening tool publicly available to everyone,“ says Marius Bausys, the company's founder.