FCA and OTSI sign an MoU establishing a formal framework for cooperation, intelligence sharing, and coordination on trade sanctions enforcement in the UK

The memorandum of understanding establishes arrangements for co-operation and information exchange between the FCA and the Office of Trade Sanctions Implementation, including suspected or actual sanctions breaches, weaknesses in firms’ systems and controls, potential joint investigations and relevant intelligence. It also sets limits around confidentiality, onward disclosure, personal data handling and UK GDPR compliance, while confirming that the MoU is not legally binding and will be reviewed every two years…