The ever changing landscape of sanctions regulations and the commitment to enforcement action from regulators has resulted in hefty fines for firms failing to comply. With the regulatory reach of law enforcement agencies on economic sanctions often stretching beyond national boundaries, staying on top of compliance requirements has never been more of an imperative.
Bovill regularly receive queries from firms seeking advice on how to comply with the multiple layers of national and international sanctions and the obligations placed upon firms, such as:
- the freezing of assets
- the screening and blocking of transactions, customers and connected parties
- the implementation of multi-layered controls that restrict business with designated persons and block prohibited transactions.
Both HM Treasury and the FCA expect firms to be vigilant in assessing their sanctions exposure risk and implement adequate systems and controls to mitigate such risk.
How we can help
Our sanctions experts at Bovill can help firms manage their sanctions risk by assisting with the following:
- Assess your firm’s sanctions risk exposure and create a framework/ model for managing sanctions risk
- Identify the extent to which non-UK sanctions regimes are applicable to your business, especially the US sanctions regime
- Build controls for your firm to screen customers, connected parties and their transactions against sanctions lists
- Ensure that your asset freezing controls are in compliance with UK and international expectations
- Deliver sanctions awareness training for your employees
- Conduct regular testing of your sanctions compliance controls to provide assurance.