Blocking Accounts means what?

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Multiple Choice

Blocking Accounts means what?

Blocking accounts means freezing the assets of individuals or entities that have been designated under sanctions. When someone is blocked, all property and interests in property under the bank’s control are immobilized, and no funds or assets can be moved without regulatory authorization. This covers more than just cash deposits; it includes account balances, securities, and other property. It does not freeze an entire country’s assets, nor does it apply only to deposits above a threshold. In practice, banks screen for blocked parties and apply blocking measures promptly, following the required regulatory procedures.

Blocking accounts means freezing the assets of individuals or entities that have been designated under sanctions. When someone is blocked, all property and interests in property under the bank’s control are immobilized, and no funds or assets can be moved without regulatory authorization. This covers more than just cash deposits; it includes account balances, securities, and other property. It does not freeze an entire country’s assets, nor does it apply only to deposits above a threshold. In practice, banks screen for blocked parties and apply blocking measures promptly, following the required regulatory procedures.

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