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Checklist

How to ensure compliance with financial sanctions

 

Responding to the Russia-Ukraine conflict, the UK government has imposed sanctions on Russia. UK/Financial Conduct Authority (FCA)-regulated firms have an obligation to implement and maintain systems and controls to counter the risk that might be used to further financial crime. This includes compliance with financial sanctions obligations within the UK and should also reference other relevant sanctions regimes such as in the U.S., European Union and United Nations. 

The FCA reminds firms that it has the power to impose restrictions and/or take enforcement action where it identifies failings in these controls. Furthermore, the Office of Financial Sanctions Implementation (OFSI) also has the power to levy civil (monetary) penalties for breaches of financial sanctions and, in extreme cases, will work with law enforcement to pursue criminal prosecution.

With the authorities increasing their focus on financial sanctions, download our checklist to identify tasks you need to consider. 
 

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