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
NCDEX finds itself in conflict with government clearing house proposals
Regulator set to focus on backtesting and replicability of index products
2015 rules promise oversight increase
Recent Iosco consultation paper aims to better co-ordinate global regulation
Sign up for Risk.net email alerts
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
Operational risk and the challenges of defining and dealing with conduct risk
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.