The ISC Research group singles out Campaign Monitor as an example of an emailing service that their data can be used with:
What I'm wondering, does using this kind of a database violate CM's Terms of Service?
Thanks for bringing this to our attention. To answer your question, yes, that type of scenario would break our terms and we wouldn't allow sending to such a list.
Following on from this, we've just contacted ISC Research and they have agreed to remove the reference to Campaign Monitor from their website.