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FSA: small firms must ‘tighten financial controls’
Small and medium-sized businesses do not have sufficient commands and controls to prevent them doing business with individuals and firms that are on the Government's blacklist of financial sanctions, according to the Financial Services Authority (FSA).
The treasury maintained list includes around 1,400 individuals and 500 entities in Britain and abroad. Providing banking or other financial services to members of the list can be a criminal offence and businesses are legally required to have sufficient controls in place to avoid this.
The FSA said that there was widespread confusion about the sanctions regime, with many firms believing that it took affect only with financial transactions above a certain size and therefore exempted smaller businesses.
Post Date: April 29th, 2009
The treasury maintained list includes around 1,400 individuals and 500 entities in Britain and abroad. Providing banking or other financial services to members of the list can be a criminal offence and businesses are legally required to have sufficient controls in place to avoid this.
The FSA said that there was widespread confusion about the sanctions regime, with many firms believing that it took affect only with financial transactions above a certain size and therefore exempted smaller businesses.
Post Date: April 29th, 2009
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