News

FCA publishes new guidance on financial crime

28/09/2021

The UK Financial Conduct Authority (FCA) has

  1. published new guidance for firms on countering the risk of financial crime
  2. As part of the FCA Handbook.

Chapter 7 of the guidance, 'Sanctions and asset freezes' advises that:

  1. Senior management should be sufficiently aware of the firm's obligations regarding financial sanctions;
  2. 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;
  3. Firms should have systems to identify 'false positive' and real matches of names to sanctions lists and for freezing assets; and
  4. Compliance programs should address export controls

UNITED KINGDOM