OFAC and OFSI have released guidance that compares key aspects of both sanctions regimes, focusing on topics such as sanctions lists, recordkeeping, and reporting requirements.
OFSI
Gary Watson discusses the findings in the FCA’s review of sanctions, the recent OFSI sanctions fine, and the need for structural change.
The UK’s OFSI states that the case “highlights important compliance lessons for a wide range of industry stakeholders.”
This week’s highlights in Canadian financial regulation.
The SFO’s recent guidance is just one piece of a larger puzzle.
A look at the current status of AI regulation in Canada, with comment from Pat Poitevin on compliance challenges and what to expect next.
The report provides information on suspected sanctions breaches and is intended to assist with prioritization as part of a risk-based approach to compliance.
Enforcement
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Sanctions enforcement boosted as MOU between OFSI and OFAC strengthens information sharing
The MOU aims to facilitate the exchange of information between UK and US authorities.