The Treasury has written a letter to the BBA reminding banks of sanctions requirements
LONDON - The UK Treasury has written a letter to the British Bankers' Association (BBA) reminding the industry body and its UK banking industry members of their duties in compliance to financial sanctions in the UK.
The letter reminds banks of the 15 sanctions regimes in place in the UK, including those against Iran, Burma (Myanmar), Zimbabwe, as well as against Al-Qaida and other terrorist financing threats.
The UK sanctions regime has become progressively more active in response to increasing US pressure in the anti-money laundering and counter terrorist financing struggle.
The Treasury also reminds firms of Financial Services Authority requirements, as the UK regulator has tightened its enforcement of sanctions as part of its responsibilities to curb financial crime, as well as systems and controls failings at banks and other financial firms.
Click here to read the letter.
More on Regulation
Chair of Lords subcommittee says UK neglect of Europe is "criminal"
Sponsored video: Societe Generale
Relaxation of foreign asset classification drives increase in demand
Paul Robson to face sentencing for Libor manipulation in 2017
Sign up for Risk.net email alerts
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
Watch discussions and speakers from our North America conference
In the February 2014 editorial video, OpRisk's latest industry survey finds room for improvement in risk management
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.