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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