Sanctions Checking Facility

Members have a responsibility to ensure that they have in place systems and controls in relation to financial sanctions as this is an integral part of complying with the FCA’s requirements on financial crime.

Financial sanctions orders prohibit firms from carrying out transactions with a person or organisation subject to an order. In some cases the order will prohibit a firm from providing any services even advice to these targets. Her Majesties Treasury (HMT) maintains a list of these targets, known as the UK Consolidated Financial Sanctions List. Firms should be checking their client lists against the Consolidated List both at commencement of the relationship and after each and every HMT update.

Our members have asked us to investigate an automated financial sanctions checking facility providing a screening facility that all of our members can use should they wish to.

The Facility

We are delighted to advise that BIBA now has such a facility available to all members from 3rd January 2012, provided by SanctionsSearch.com. The facility will enable members to ensure that their client list is screened against the HM Treasury List on a regular basis. There is also an option to extend the facility to include checks of the International List if appropriate to the members business. The facility is being funded in part by BIBA as a member benefit and all members will be pre-registered. The registration will also include a number of “free” search credits and the member would then just need to activate the facility and discuss the total number of credits required with SanctionsSearch.com in order to provide a more personal solution for their client banks.

Cost

The cost for brokers under the facility is based upon blocks of search credits purchased (blocks of 125 boosted to 150 for an initial 12 month period) with the first 150 being free of charge to members. Most importantly all re-screening of data after HMT updates is completely free of charge

BIBA has negotiated extremely competitive rates from SanctionsSearch.com, although they are happy to discuss more bespoke arrangements for members with extensive client banks.

Provider

SanctionsSearch.com

For further details and information on how to activate the facility,contact details as follows:

Chris Clare
Sanctionssearch.com
Professional Office Ltd
Tel: 0151 633 2876
Fax: 0151 632 2117