The UK Financial Conduct Authority has published new guidance on how to prevent financial crime, including sanctions violations. Part 1 contains advice on how to comply with sanctions in the UK, and Part 2 gives examples of good and poor sanctions practice.
The FCA suggests that firms clearly allocate responsibility for sanctions compliance to a sufficiently senior person, assess local risks, and have enhanced scrutiny procedures in place for when destinations or end-users are a concern. Summarising the findings of its review of sanctions compliance in the UK, the FCA said there was significant scope across the financial services industry for improvement in firms’ systems and controls to comply with sanctions, and a lack of awareness of the UK financial sanctions regimes, particularly among smaller companies.
Michael was called to the Bar in 1992 and prior to joining Peters & Peters was a senior specialist prosecutor at the Crown Prosecution Service Headquarters (CPS). He was a key member of a small specialist unit responsible for the prosecution of serious and high-profile fraud, terrorist,...See profile for Michael O'Kane >