Final Sanctions in Relation To Russia
Zakir Karim
Highlights
- Barclays Plc fined £784k for breach of principle 2. Barclays failed to conduct its business with due skill, care and diligence
- BoE, FCA, PRA and PSR conduct 2021 review of Memorandum of Understanding for payment systems in the UK
- EU publishes its proposal for the Data Act, and the CNIL announces its focus on GDPR-compliance in payment systems
- BoEs Monetary Policy Committee voted to increase the cost of borrowing from 0.25% to 0.5%
The UK, EU and US have announced a number of sanctions on Russia which will impact how some companies conduct their business.
The FCA expect firms to have established systems and controls to counter the risk that they might be used to further financial crime and this includes compliance with financial sanctions obligations.
Any shortcomings identified in this regard could result in restrictions or enforcement action.
It is important firms screen the UK Sanctions List to ensure adherence and screen against the OFSIs list of asset freeze targets for financial sanctions obligations. Separately, the sanctions are likely to continue having a detrimental impact on the Russian Ruble’s buying power.
Firms with exposure to Russian businesses or the Russian Ruble may experience financial hardship and in some cases fall into administration or become insolvent.
