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FCA publishes new guidance on financial crime


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