Financial sanctions are part of UK's national security and foreign policy and aims to prohibit organisations from providing financial resources to persons or organisations engaged in criminal activities, including terrorism.
While the Office of Financial Sanctions Implementation (OFSI) is in charge of enforcing financial sanction orders and issuing authorisations, it is the responsibility of the Financial Conduct Authority (FCA) to ensure that businesses have adequate systems and controls in place to mitigate the risks of financial crime and ensure that firms and individuals complying with regulation.
Failure to comply with financial sanctions is considered a criminal offence, punishable by a criminal conviction or a financial penalty imposed by OFSI.
Our newly-released immersive, interactive course looks at the UK's financial sanctions regime and the role played by the OFSI, the FCA and HM Treasury (HMT). Learners will go behind the scenes at fictional firm Financeum, to explore the effect of poor practices around financial sanctions in governance, risk assessment, screening and reporting. Moving through scenario-based questions, take the right decisions to reduce the risk of a compliance breach and avoid a monetary penalty.
Find out more about our new course HERE.
The Financial Sanctions eLearning course joins our suite of courses on FCA Compliance.