Sanctions questionnaire to be issued this week

Since 2018, we have requested that supervised businesses provide risk data to inform our approach to risk-based supervision and our financial crime examinations.

We will also be asking a selection of 50 supervised businesses across a number of industry sectors to complete a questionnaire concerning targeted financial sanctions. The selected businesses will be contacted later this week and will have until 19 February 2022 to complete and submit the questionnaire.

This desk-based exercise will require the selected supervised businesses to provide data and information relating to:

• The type and nature of screening undertaken.
• The types of tools used.
• What systems and controls (including policies and procedures) are established to identify and if necessary, report instances where there may be a connection to a designated person or entity.

We will use the results of the questionnaire to provide feedback and enhance our guidance on targeted financial sanctions. The data and information provided in the questionnaire may also result in focussed examination activity later in 2022.