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Sanctions and AML professionals have been in a tailspin this year. The sanctions environment has become much more challenging for banks and other financial institutions due to the war in the Ukraine and the ensuing sanctions against Russian organisations and individuals, contributing toward what was already a complex sanctions landscape.
Added to that is the FCA’s new reporting mechanism for sanctions and the introduction of their new sanctions testing capability being deployed across the financial services industry using their new analytics tool. The FCA and OFSI, as well as overseas sanctions regulators such as OFAC, have given financial institutions time to get used to the evolving sanctions regimes and will soon start cracking down. Woe betide the firms who haven’t got to grips with the new regime.
In the blogs in this series, we have already talked about the range of sanctions and the challenges firms face in their ability to comply. Here we look at some of the key areas that your firm should focus on in how to approach sanctions programmes in the current climate.
It’s a tricky area. And financial institutions need to tread carefully in the coming months to ensure they’re complying to the domestic and international sanctions regime. The enormity of the task might seem overwhelming. But starting small and looking at key areas to improve will help firms to get to grips with sanctions and put the right procedures and policies in place to stay on top of this hugely complex area.
If you want to learn more, please reach out at luke.firmin@valcon.com.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
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