OFAC sanctions lists and the AML Directive: can a bank refuse to open an account solely because a customer appears on a US blacklist?

In Jenec (C-81/24, 11 June 2026), the Court of Justice of the European Union (CJEU) has delivered an important preliminary ruling on the reach of third-country sanctions within the EU legal order. The central question was straightforward: can a bank in a Member State refuse to open a basic payment account for a consumer simply because that consumer appears on a list maintained by the US Office of Foreign Assets Control (OFAC)? The Court’s answer is nuanced. An automatic refusal based solely on an OFAC listing is incompatible with the autonomy and regulatory sovereignty of EU law. However, an OFAC listing may be treated as a relevant factor in the individualised risk assessment that credit institutions are required to carry out, and in certain circumstances it may justify a refusal to open an account.

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