E-commerce: Brokers criticised for not carrying out adequate sanction checks
Brokers are grossly underestimating the implications of government guidelines for client screening, according to Open GI.
The UK financial sanctions regime prohibits financial firms from providing funds or services to any individual who is on the HM Treasury Financial Sanctions list.
The requirement was introduced in 2007 and in August this year RBS Group was fined £5.6m for failing to have adequate systems and controls in place.
Simon Hughes, Open GI sales and marketing director, said there were currently around 8,000 entries on the list and that it was updated at least six times last month.
"Brokers are not
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