Financial Sanctions (FCA)

Reduce the risks of compliance breaches under the Financial Sanctions regime

Key Learning Points:

  • Describe the UK's financial sanctions regime
  • Explain the roles of the FCA, HMT and OFSI
  • Understand the penalties imposed by OFSI
  • How can a risk-based approach help comply with FCA regulations
  • Describe the compliance requirements for organisations
Financial Sanctions (FCA)
Financial Sanctions (FCA)
Financial Sanctions (FCA)
Financial Sanctions (FCA)
Financial Sanctions (FCA)
Financial Sanctions (FCA)
CPD Points

Course Overview

This immersive eLearning course on financial sanctions explores how firms can ensure that they are complying with the financial sanctions regime and the role of the Financial Conduct Authority (FCA) in ensuring that firms have adequate systems and controls to meet their financial sanctions obligations.

The course also explores the types of financial sanctions that could be imposed on individuals or companies, the role of the Office of Financial Sanctions Implementation (OFSI) and designated persons, and the consequences of breaches of financial sanctions.

Course Details

  • Course duration: 30 minutes
  • CPD certified
  • Engaging learning experience through gamification
  • Certificate on completion
  • Course can be tailored using Adapt Authoring Tool
Download PDF

Course Contents

This online training course on Financial Sanctions is broken down into four main topics.

Governance
Governance
This topic explores the red flags to be aware of when looking for signs of illegal business activity, the irregularities that should arouse suspicion and the reasonable steps to take in order to reduce the risk of compliance breaches. This topic also touches on the importance of policy and procedures in place at firms and training employees to understand their responsibilities.
Risk Assessment
Risk Assessment
The penalties for breaching financial sanctions are severe. Negative publicity also damages shareholder confidence which is bad for business. This topic focuses on damage limitation, enhanced due diligence and how adopting a risk-based approach can help comply with financial sanctions and also counter proliferation, anti-money laundering and terrorist financing.
Screening
Screening
This topic explores the importance of screening and the various measures that can be taken to ensure compliance with financial sanctions regime and mitigate the risks of compliance breaches. This topic also looks at referring to HMT’s consolidated list of financial sanctions and how to use a combination of automation and manual screening processes for quality control and risk management.
Matches and Escalation
Matches and Escalation
This topic demonstrates methods by which automated matches can be checked, what should be done when a potential match is identified and how to distinguish between fuzzy and true matches. The topic also explains the importance of ensuring that policy and procedures are strictly adhered to when escalating potential breaches. Also explored are the consequences of non-compliance.

Who Should Take This Course?

This eLearning course on Financial Sanctions is suitable for employees of firms regulated by the FCA. Full-time employees, Part-time employees, Managers, Supervisors, Executives, Directors

  • Full-time employees
  • Part-time employees
  • Managers
  • Supervisors
  • Executives
  • Directors

The Assessment

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, learners will be required to make decisions that increase or decrease the risk of compliance breaches. Make the wrong decision and learners will collect a monetary penalty.

Learners must demonstrate their knowledge and understanding by answering 80% of the questions correctly to pass the course successfully. Learners can take the assessment again to improve their score.

2 Ways of Purchasing

You can purchase our courses individually or for even better value you can purchase the complete range of Compliance, Health and Safety or Performance Management courses in one neat bundle.

1. Individual Licenses

If you buy courses on an individual bases you pay a price per learner, per course per year. You can run these courses on your own LMS if Xapi/SCORM compliant or you can take them.

See Prices
Recommended

2. Complete Bundle

Buy all of the Compliance, Health and Safety or Performance Management courses in one great value package and receive unlimited benefits.

See Prices

1. Individual Pricing

Number of Learners Cost (per year)
1 - 10 29 / per learner
11 - 20 25 / per learner
21 - 50 20 / per learner
51 - 100 15 / per learner
101 - 150 10 / per learner
150+ POA

Exchange rates are updated regularly but are only intended as a guide.

2. Complete Bundle Pricing

If you buy all the Compliance, Health & Safety or Performance Management in a complete bundle, all features come as standard, no matter the size of your organisation!

Number of Learners Cost (per year)
1 - 100 30 / per learner
101 - 200 25 / per learner
201 - 300 21 / per learner
301 - 400 18 / per learner
401 - 500 15 / per learner
501 - 750 12.50 / per learner
751 - 1000 10 / per learner
1001 - 2500 8 / per learner
2501 - 5000 6 / per learner
5000 - 10,000 5 / per learner
10,000 + POA
Included Features
  • All courses in our catalogue
  • New courses added regularly
  • Branded, downloadable posters
  • Customise Course Content for Your Team
  • Astute eLearning Platform
  • Regular course updates
  • Dedicated Account Manager
  • Unlimited help desk support

Exchange rates are updated regularly but are only intended as a guide. Prices are based on a 2 year contract.

Get a Quote

FCA Financial Sanctions

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.

FCA Financial Sanctions

FAQ's

If you have any questions that are not covered here, please get in touch.

Get in Touch
Why do firms need to comply with financial sanctions?
Financial sanctions are designed to help achieve the UK's foreign policy and national security objectives. Sanctions are important to control the risks of terrorist financing while maintaining confidence in the integrity of the UK's financial service sector. Failure to comply with financial sanctions can have serious legal and ethical consequences for FCA regulated firms.
Who is subject to financial sanctions?
The Office of Financial Sanctions Implementation (OFSI) publishes a consolidated list to help businesses, firms and individuals comply with financial sanctions. The list includes all designated persons subject to financial sanctions under EU and UK legislation, as well as those subject to UN sanctions which are implemented through EU regulations.
What are some common types of sanctions?
Financial sanctions are designed to restrict access to financial resources and services for individuals, entities and bodies that engage in criminal activities, including terrorist financing. Some common types of financial sanctions include asset freezes, restrictions on financial markets and services, and directions to cease all business.

7 Day Instant FREE Trial

Try a Demo