UK sanctions compliance - more honoured in the breach?

It's rarely - correction, to date, never - a cause for celebration when the UK financial services regulator publishes findings on how well those it supervises are complying with the rules. True to form, on 6 September we learnt that "some firms' systems were unable to generate alerts against certain names on OFSI's [Office of Financial Sanctions Implementation] consolidated list of persons subject to sanctions, and some firms were unable to provide reasonable justification for the omissions".

Timon Molloy (timon.molloy@lloydslistintelligence.com), Editor

It's rarely - correction, to date, never - a cause for celebration when the UK financial services regulator publishes findings on how well those it supervises are complying with the rules. True to form, on 6 September [2023] we learnt [1] that "some firms' systems were unable to generate alerts against certain names on OFSI's [Office of Financial Sanctions Implementation] consolidated list of persons subject to sanctions, and some firms were unable to provide reasonable justification for the omissions".