SRA Updates Guidance on Compliance with UK Sanctions Regime

The changes integrate recent legislative updates and insights from proactive supervision.

Key changes include:

➡️ Updated red flags for attempted sanctions breaches highlighting the need to screen staff and self-reporting responsibilities;

➡️ Clarification on reporting requirements and when reporting is required for SRA regulated firms;

➡️ Greater detail on how to stay compliant with license responsibilities;

➡️ A new case study illustrating how firms can unwittingly become involved in the sanctions regime; and

➡️ Good practice identified through supervisory activities has been incorporated throughout the guidance.

✅ Firms regulated by the SRA should review their sanctions control frameworks to ensure they are robust and incorporate the latest guidance from the regulator.

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