About Financial Sanctions

Financial Sanctions is the new name for the HMT sanctions department. The list which firms need to screen client data against is now known as the financial sanctions list.

The financial sanctions list is a list of individuals and organisations that are known to be or suspected to be involved with terrorism or terrorist financing

It is the aim of HMT financial sanctions to ensure that firms do not aid individuals and organisations in the transfer or manipulation of funds for the benefit of terrorism.

The financial sanctions list is updated frequently but without consistent regularity. Therefore it is important to ensure that the list against which you search your clients’ details, is the most current.

The body ultimately responsible for compliance with Financial Sanctions obligations is the HM Treasury. That said various other regulatory bodies also accept responsibility for enforcement and compliance such as the Financial Conduct Authority.

Most other regulated professions also have bodies which ensure compliance for example Solicitors and Accountants. However compliance is necessary for all in the UK and not just the regulated entities named above.