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FCA's Assessment on the Sanctions System

06 September 2023
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FCA's Assessment on the Sanctions System

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.
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