An FCA survey of sanctions controls at 90 UK firms has identified deficiencies in several critical areas, including staffing, technology, and reporting frameworks.
The regulator found that some firms still lack sufficient resources to effectively screen for sanctions violations. Some firms were found to have inadequately calibrated or tailored screening tools, and some were overly reliant on third-party providers with ineffective oversight.
Customer Due Diligence (CDD) and Know Your Customer (KYC) procedures were also found to be subpar, with instances of low-quality assessments and backlogs.
The timeliness of reporting breaches was another issue, with inconsistencies prevalent across firms.
During a speech at the Financial Crime Summit, Sarah Pritchard, Director of Markets and International at the FCA, cautioned that firms conducting “tick box” compliance exercises should expect visits from the FCA.
By FCCT Editorial Team freeslots dinogame telegram营销
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}