Sanctions
Advisory and Transformation
Industry News
The memorandum seeks to enhance collaboration between the two organisations and bolster compliance with sanctions enforced by the United States and the United Kingdom.
Key takeaways from the document include:
- Mutually agreed definitions relating to information sharing such as, sanctions/sanctions regulations, entity, receiving participant, potential violation, and third party;
- Cooperation between the organisations may include activities such as information sharing, collaborative investigations, joint training, regulatory discussions, and economic analysis;
- Both OFSI and OFAC will designate a coordinator to act as a point of contact for information sharing between the organisations; and
- The promotion of ad hoc communication between members of staff at the organisations primarily through their respective secondees.
✅ Firms should ensure that sanctions screening systems are robust and informed by the most up-to-date lists from both OFSI and OFAC, in line with organisational policies.
