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OFSI issues Disclosure Notice for breach of counter-terrorism regulations
The Office of Financial Sanctions (OFSI) has today issued a Disclosure Notice against Vanquis Bank Limited (VBL) for a breach of the Counter-Terrorism Regulations 2019.
The breaches occurred due to VBL’s delay in restricting access to an account for eight days following designation, during which time the designated person had full access to their funds and was able to both withdraw funds and make a purchase.
All firms, regardless of their size, should:
- Ensure that systems and controls are robust and enable swift implementation of sanctions;
- Consider whether they have adequate operational resilience in their sanctions screening processes, including contingency plans to ensure business continuity; and
- Exercise particular vigilance if they receive a notification from OFSI that a suspected customer may be designated in the near future.
To read the Disclosure Notice,
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