Sanctions sensibility
Sanctions breaches could lead to dire consequences for financial institutions. Tony Woodcock and Tepo Din look at a recent report by the UK Financial Services Authority that reflects the increased focus on sanctions globally and highlights some of the key issues regarding systems and controls
The UK Financial Services Authority (FSA) recently published a report of its findings in relation to the approach of regulated entities to UK financial sanctions. There can be no doubt this signal as to the FSA's expectations will be the precursor to 'credible deterrent' enforcement activity over the coming months. The increased interest in the UK reflects increased interest globally, particularly in light of the ongoing aggressive action being taken by the US authorities, and indicates a new
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