FCA's Assessment on the Sanctions System

The FCA identified examples of both good practice and areas for improvement under 5 key themes:

• Governance and oversight;
• Skills and resources;
• Screening capabilities;
• Customer Due Diligence (“CDD”) and Know Your Customer (“KYC”) procedures; and
• Reporting breaches to the FCA.

Firms should view the assessment summary, evaluate their approach to identifying and assessing sanctions risks, and consider appropriate action, where appropriate.