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.
This online training course on Financial Sanctions is broken down into four main topics.
This online training course on Financial Sanctions is broken down into four main topics.
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.
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.
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.
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.
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. The goal is to avoid the penalties to comply with the financial sanctions regime and complete the course successfully. Learners can take the assessment again to improve their score.
| Number of Learners | Cost (per year) | |
|---|---|---|
| 1 - 10 | ||
| 11 - 20 | ||
| 21 - 50 | ||
| 51 - 100 | ||
| 101 - 150 | ||
| 150+ | ||
| Number of Learners | Cost (per year) | |
|---|---|---|
| 50 - 100 | ||
| 101 - 200 | ||
| 201 - 300 | ||
| 301 - 400 | ||
| 401 - 500 | ||
| 501 - 750 | ||
| 751 - 1000 | ||
| 1001 - 2500 | ||
| 2501 - 5000 | ||
| 5000 - 10,000 | ||
| 10,000 + | ||
Included Features
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.
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.
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.
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.
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