BIBA launches sanctions checking facility
by Gill Montia
Story link: BIBA launches sanctions checking facility
The British Insurance Brokers’ Association (BIBA) has launched a new sanctions checking facility that should help members comply with the Terrorism Act and the Financial Services Authority’s (FSA) financial crime requirements.
The facility, which is provided by Sanctions Search, allows BIBA members to screen their client lists against HM Treasury’s UK Consolidated Financial Sanctions List, on a regular basis.
There is also an option to extend checks to the Office of Foreign Assets Control (International List).
All BIBA members have been pre-registered and will receive a number of search credits for free.
The Association’s head of technical services, Steve Foulsham, comments: “BIBA frequently receives calls from members telling us of the difficulties they are encountering when screening their clients to ensure that their customers are not target names.”
He adds: “To overcome this, the new facility provides a cost-effective, automated financial sanctions screening service to provide members with peace of mind.”
Last year, Willis was hit by a £7 million fine from the FSA for poor anti-bribery and corruption systems and controls.
The fine is the biggest imposed by the regulator to date in relation to financial crime systems and controls.