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Update on UK Sanctions, Anti-Money Laundering and Brexit
While it is typically more likely that cybersecurity issues are handled as a separate compliance function within an organization to the anti-money laundering and sanctions function(s), the cybersecurity function should not act within a vacuum; all of these functions ultimately also have the similar goal of protecting system integrity.
For example, in a given set of circumstances in the event of a cybersecurity incident affecting a financial institution, a regulator will likely need to be satisfied that the sanctions and anti-money laundering teams have robust knowledge, capacity, experience and training in dealing with cybersecurity issues. The respective cybersecurity, sanctions and anti-money laundering teams therefore need to work together, including as regards the teams providing each other practical skills and knowledge.
As is well known, the United Kingdom (UK) is set to leave the EU as of March 2019 under a process more colloquially known as Brexit. Among the significant number of legal and compliance areas that will be affected are sanctions and anti-money laundering. This article provides a brief education about where things currently stand in the UK as regards to sanctions and anti-money laundering in the shifting sands of the Brexit process.
What Is Meant By Sanctions?
Sanctions are applied in a variety of situations and are sometimes divided into:
- Those which restrict trade and business (also known as embargoes) regarding certain countries — embargoes often impose prohibitions or licensing requirements; and
- Those in the sphere of finance, which restrict dealings in money and providing financial services and funds to certain countries, individuals or entities.
In the UK, sanctions may affect organizations in different ways. For example, criminal offenses may be committed if financial dealings are undertaken with certain entities or individuals, or businesses may be asked to provide information about their accounts or assets. Offenses may also be committed for failing to report breaches of sanctions.
Will Brexit Have an Impact?
In a word, yes. Sanctions and anti-money laundering are currently very much EU-based and driven — anti-money laundering legislation comes from the EU and sanctions are essentially centralized at the EU level, albeit run nationally at the enforcement level. Therefore Brexit will have a major impact, notably in enforcement.
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