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FCA Survey Reveals Critical Deficiencies in UK Firms’ Sanctions Controls

Due DiligenceFCA Survey Reveals Critical Deficiencies in UK Firms' Sanctions Controls

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

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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