OFSI and NCA Red Alert: Evasion Typologies
A ‘Red Alert’ was issued by the Office of Financial Sanctions Implementation (OFSI), Joint Money Laundering Intelligence Taskforce (JMLIT)+ Sanctions Facilitators Cell, law enforcement, private industry and regulators, and the National Crime Agency (NCA).
The purpose of the alert is to provide information from law enforcement and the legal and financial services sectors on some of the common techniques designated persons (sanctioned individuals), and their United Kingdom (UK) enablers, are suspected to be used to evade financial sanctions.
More information on this can be accessed here.
What do I need to do as a result of this update?
If FCS Compliance has put your firm-wide documentation in place for you and you have access to our 12-month AML consultancy services, your AML Policies & Procedures and AML Risk-Assessment documents will be updated to reflect these changes upon your subscription renewal. These changes do not require urgent updates in the manual but do require your awareness of them.
If you are contacted by HMRC for an inspection, please do get in touch and we will be able to assist you with any updates that are required.
Whatever your AML requirement, we are here to help: info@fcscompliance.co.uk