Analysis

UK Banks On Alert As New Sanctions Watchdog Sets Sights

By Mark Taylor (October 16, 2017, 10:53 PM BST) -- A new British financial sanctions watchdog is increasingly targeting banks and other financial services, leading lawyers to warn that firms need to ramp up compliance and set up proper defenses as the sector waits for the agency to dish out its first punishment.

Banks and financial services are being warned to step up compliance as the Office of Financial Sanctions Implementation considers its first punishment. (AP) In its first year of operation, the Office of Financial Sanctions Implementation opened 125 investigations, with 60 focusing on violations of financial sanctions orders by U.K. regulated financial services firms, from creation in March 2016...

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