FCA publishes new guidance on financial crime
The UK Financial Conduct Authority (FCA) has
- published new guidance for firms on countering the risk of financial crime
- As part of the FCA Handbook.
Chapter 7 of the guidance, 'Sanctions and asset freezes' advises that:
- Senior management should be sufficiently aware of the firm's obligations regarding financial sanctions;
- Firms should have in place risk assessment frameworks and effective and up-to-date sanctions screening systems that are appropriate to the nature, size and risk of the business;
- Firms should have systems to identify 'false positive' and real matches of names to sanctions lists and for freezing assets; and
- Compliance programs should address export controls
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