Regulations
By Jean-Luc Maracon
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Where Firms Keep Falling Short. The review flagged a handful of recurring weak spots. Transaction screening. Name screening.
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New MoU With OTSI Expands Regulatory Reach. To try to close some of these gaps, the FCA signed a Memorandum of Understanding with the Office…
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What the FCA Is Sharing With the Industry. One thing the FCA has been doing consistently throughout this process: sharing findings.
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£37 billion. That's how much UK financial firms have frozen in assets over the past year — and the Financial Conduct Authority wants people to know it's still not enough.
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The FCA dropped its findings on May 28, wrapping up a review cycle that started back in February 2022.
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The review flagged a handful of recurring weak spots. Transaction screening. Name screening. How firms manage assets once they've been frozen.
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What is clear: detecting actual trade sanctions breaches in real time remains genuinely difficult for most firms. The FCA didn't sugarcoat that.
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And the scope of what firms are flagging keeps widening. Reports have predominantly involved Russian sanctions — no surprise, given the scale of measures introduced after…
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To try to close some of these gaps, the FCA signed a Memorandum of Understanding with the Office of Trade Sanctions Implementation — OTSI, for short.
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More context: UK Crypto Rules Could Push Staking Firms Out of Britain, FCA Critics Warn
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The FCA didn't spell out exactly what intelligence sharing looks like in practice. No details on frequency, format, or what triggers a joint action.
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It's worth remembering that OTSI itself is relatively new. It was set up to specifically handle trade sanctions enforcement, and this MoU probably helps it build operational…
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The regulator's been pretty deliberate about this. Disseminating what it learns is part of the strategy, not just a side effect.
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Due diligence and alert management keep coming up as the two areas where firms need the most work.
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See also: FCA Takes Its Annual Meeting to Edinburgh, Boosting Scottish Workforce Past 350
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