02 Sep 2009, David Benyon , Operational Risk & Regulation
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.