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The sanctions environment has become a whole lot more challenging in recent months. It’s not just the war in Ukraine and the swingeing changes that have been made to sanctions regulations in light of the conflict. In the UK, the FCA has recently advertised its new reporting mechanism for sanctions breaches and deficiencies, as well as bolstering its sanctions supervisory and enforcement capabilities. Plus a big focus for the regulator in 2023 will be cracking down on the efficacy of screening solutions using their “new analytics-based tool” – so the testing of those systems is becoming tantamount.
Against this backdrop, it’s only a matter of time before they begin to investigate and prosecute organisations and individuals for infringements.
The ever-growing list of sanctions - there are currently around 45 financial and trade sanctions programmes in operation in the European Union, not to mention UK specific sanctions and those implemented across the water in the United States – adds up to a highly complex sanctions environment and one that is very tricky for financial institutions to navigate. Here are some of the biggest challenges that organisations face today:
The sanctions landscape is constantly changing and evolving. And financial institutions really need to be able to understand sanctions, how they apply to them and the challenges they face in adhering to them. It’s only through keeping their eye on the ball that they’ll stay on the right side of regulators and avoid sanctions violations.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Edvards Margevics Co-partner at CONCRYT
30 August
Ellen Roberson Global Marketing Advisor, Risk, Fraud & Compliance at SAS
Patrick Bermingham CEO at Adflex
29 August
Ben Lane VP of Colleague Experience Group at American Express UK
28 August
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