Sanctions systems and controls: FCA’s assessment of firms’ response to increased sanctions
The Financial Conduct Authority has issued key findings from its evaluation of sanctions systems and controls in financial services firms. This follows a substantial programme of work where it assessed sanctions compliance at over 90 firms across the financial services industry.
The FCA expects all financial services firms to consider its findings, evaluate their approach to identifying and assessing sanctions risks, and take action where appropriate. This is exactly what our gap analysis template is designed for. We have included some probing self-assessment questions to help you.
Key areas of focus include:
Governance and Oversight
Skills and resources
Screening capabilities
CDD & KYC procedures
Reporting breaches to the FCA
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