Firms have improved but must do more to prevent sanctions breaches

Market sources reveal that financial firms have made progress in preventing sanctions breaches – with £37bn worth of assets frozen in the UK as of last year – but gaps remain, warns the FCA. Financial firms have made progress in preventing sanctions breaches – with £37bn worth of assets frozen in the UK as of last year – but gaps remain, warns the FCA.The Office of Financial Sanctions Implementation (OFSI) and the Office of Trade Sanctions Implementation (OTSI) implement financial and trade sanctions.The FCA supports them through its role supervising firms within the financial services sector.Key players /p><p>Since February 2022, the FCA has proactively assessed the sanctions systems and controls of over 150 firms across a range of financial services sectors.</p><p>In its latest review, the FCA found: Repeated examples of firms exhibiting strong controls and identifying potential sanctions breaches before they occurred. Strategic RationaleKey Strategic DriversMarket positioning and competitive advantagesOperational synergies and integration opportunitiesGeographic expansion and market accessIn its latest review, the FCA found: Repeated examples of firms exhibiting strong controls and identifying potential sanctions breaches before they occurred. Expert Commentary Looking AheadFor complete details on this development, refer to the original report from FCA UK Financial News. Frequently Asked Questions