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
Disagreement among FSB members pointed to by BoE letter
Liquidity issues means the MAS is right not to bring in Sef trading
Regulators criticised for reticence over why they rejected some test results
On Thursday, eurozone bank supervisors will be asked to give up dozens of safe harbours
Sign up for Risk.net email alerts
Sponsored video: Elseware
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.