On 12 April 2022, the FCA updated its webpage on financial sanctions by adding information on making notifications to it and the Office of Financial Sanctions Implementation (OFSI).
The FCA explains that authorised firms should notify it in line with the requirements in chapter 15 of the Supervision manual (SUP 15) through the usual reporting mechanisms. All firms can notify the FCA via the Contact Centre, submitting a SUP 15 notification or by contacting their relevant supervisor.
Firms should provide the FCA with sufficient information, including but not limited to:
- The country that has imposed the sanction(s) including the relevant sanctions regime.
- When the measures came into force.
- Who is affected by the sanction(s).
- The analysis of how the sanction(s) impact the firm’s activities.
Firms are also asked to provide any general or specific licences that have been issued by any authority that are relevant.
The FCA expects firms to notify it without undue delay if they are subject to sanctions.
The FCA adds that all enquiries about asset freezing or other financial sanctions, or to make a report regarding a suspected sanctions breach should be made to OFSI.