FCA’s latest findings warns that despite £37B in frozen assets and stronger sanctions frameworks, firms remain vulnerable to sanctions breaches due to persistent gaps in DD, screening & compliance controls

The FCA also highlighted ongoing challenges in detecting and preventing trade sanctions breaches, noting that firms often employ a wider range of controls for trade sanctions than for financial sanctions. Most reported breaches continue to relate to Russia, although reports involving Libya, Iran and North Korea are increasing. To strengthen coordination and intelligence sharing, the FCA has signed a new Memorandum of Understanding with the OTSI complementing its existing agreement with the OFSI…