The Financial Conduct Authority (“FCA”) has published key findings resulting from their assessment of sanctions systems and controls in financial service firms in response to increased sanctions as a result of Russia’s invasion of Ukraine.

The FCA identified examples of both good practice and areas for improvement under 5 key themes:

  • Governance and oversight;
  • Skills and resources;
  • Screening capabilities;
  • Customer Due Diligence (“CDD”) and Know Your Customer (“KYC”) procedures; and
  • Reporting breaches to the FCA.

Firms should view the assessment summary, evaluate their approach to identifying and assessing sanctions risks, and consider appropriate action, where appropriate.

Share with: