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.