The FCA expect firms to have established systems and controls to counter the risk that they might be used to further financial crime and this includes compliance with financial sanctions obligations.
Where the FCA identifies failings in financial crime systems and controls they can impose restrictions and or take enforcement action. Additionally, the Office of Financial Sanctions Implementation (OFSI) has the power to levy civil monetary penalties for breaches of financial sanctions.
The FCA has been writing to regulated firms to remind them of their obligations under the Sanctions legislation. This correspondence is as a result of recent events between . . .
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