The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
Recent international political developments have pushed the use of financial sanctions to the top of the political agenda. It is critical that firms and their compliance functions understand and fulfil their legal and regulatory sanctions obligations.
Often, businesses are effectively asked to act as a front line against financial crime, money laundering, and terrorist financing — with serious regulatory and reputational consequences if things go wrong.
All firms are expected to act diligently to ensure that they are not doing business with individuals, entities, countries, regions or activities that are subject to sanctions.
While it is not possible to prevent every instance of sanctions-related activity, firms must establish controls through a programme of detection and appropriate action to avoid risks, or at least mitigate the effects of those that materialise, in line with international and domestic regulatory obligations and industry best practice.
However, sanctions are continuously evolving in response to demands from the international community they are designed to protect. Keeping up with these and the constantly changing mix of law, policy, economics and international relations from multiple sanctions regimes can be challenging.
When assessing on-going compliance, regulators look for evidence that firms:
Meeting these expectations in practice often comes down to ensuring professionals have the technical and practical skills that they need as well as knowledge of law and regulation case studies to provide best practice in managing the complex nature of sanctions.
This should be an on-going effort — it is counterproductive to invest in a sanctions programme and training pending a sanctions-related investigation.
To find out more about ICA’s Advanced Certificate in Managing Sanctions Risk, designed for anyone involved in identifying, understanding and managing sanctions risk exposure, contact International Compliance Training directly on +44(0)121 362 7534 or email firstname.lastname@example.org.