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A £1m lesson in why sanctions screening keeps repeating itself

A British £20 pound note featuring a portrait of King Charles III, is pictured with £20 notes showing the face of the late Queen Elizabeth II.
Photo: Matt Cardy/Getty Images

Gary Watson discusses the findings in the FCA’s review of sanctions, the recent OFSI sanctions fine, and the need for structural change.

When the FCA published its review of sanctions systems and controls in May, the headline numbers were striking enough on their own. Assets frozen in the UK rose from £24.4 billion ($32.3 billion) in 2023-24 to £37 billion ($48.9 billion) the following year. The regulator had, by that point, assessed

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