When the U.K.’s financial regulator reported that firms’ sanctions compliance had fallen short in multiple areas, it was a warning to the sector that improvements need to be made—and quickly—as oversight and enforcement are set to be cranked up. “Paper policies” will certainly not cut it with regulators, they add.
While financial services firms may have shown progress from the previous report in 2022, the Financial Conduct Authority (FCA) has made it clear there are still too many gaps to deem sanctions’ risk management across the industry a success.
