Fca.Uk UK Financial Firms Urged to Enhance Sanctions Compliance Amid Growing Complexity
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- •FCA reports £37bn in frozen assets due to sanctions compliance efforts.
- •Over 150 financial firms assessed for sanctions systems since February 2022.
- •New MoU signed between FCA and OTSI to improve sanctions compliance cooperation.
The FCA has reported that UK financial firms have made progress in preventing sanctions breaches, with £37bn in assets frozen as of last year. However, significant gaps remain in their sanctions systems and controls. The FCA has assessed over 150 firms since February 2022, identifying both good and poor practices. The report highlights that most compliance issues relate to the Russian sanctions regime, with increasing reports concerning Libya, Iran, and North Korea. A new Memorandum of Understanding was signed between the FCA and OTSI to enhance cooperation and intelligence sharing. The complexity of UK sanctions has increased over the past four years, necessitating better compliance measures among firms.
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