This eLearning course provides comprehensive training on the UK sanctions regime as it applies to financial services firms, updated for 2026. Sanctions are a critical area of compliance for any firm operating in or connected to the UK, and the consequences of breaching sanctions can be severe, including criminal prosecution, unlimited fines, and reputational damage. The course is designed to equip financial services professionals with the knowledge and understanding needed to comply with their sanctions obligations.
The course begins by explaining what sanctions are and the different types that the UK imposes, including comprehensive sanctions targeting specific countries, targeted sanctions against designated individuals and entities, and sectoral sanctions restricting certain types of economic activity. It covers the legal framework, including the Sanctions and Anti-Money Laundering Act 2018 (SAMLA), the regulations made under it, and the role of the Office of Financial Sanctions Implementation (OFSI) in administering and enforcing financial sanctions.
The training addresses the specific obligations that sanctions impose on financial services firms, including the requirement to freeze the assets of designated persons, the prohibition on making funds or economic resources available to designated persons, and the obligation to report to OFSI if you know or suspect that a person is designated or that a sanctions breach has occurred. It covers the practical requirements for sanctions screening of customers, transactions, and counterparties, and the importance of keeping screening lists up to date.
The course also covers the penalties for sanctions breaches, including both civil penalties imposed by OFSI (which can be up to £1 million or 50% of the value of the breach) and criminal penalties which can include imprisonment. It addresses the recent developments in the UK sanctions landscape, including the expansion of the sanctions regime following Russia's invasion of Ukraine. Upon completion, learners will understand their sanctions obligations and be equipped to implement effective sanctions compliance procedures within their firm.
