Sanctions Lists amended
UK Sanctions List records amended
The Foreign, Commonwealth and Development Office made two variations to records under the Afghanistan sanctions regime on 27 August, followed by one further variation on 28 August.
These were amendments to existing records rather than three new sanctions designations. Nevertheless, changes to a designated person’s names, aliases, addresses or other identifying information may affect both new searches and the interpretation of previous screening results.
Businesses conducting sanctions checks should ensure that their screening data reflects the latest version of the UK Sanctions List.
The government also updated its UK Sanctions List search-tool user guide on 28 August.
The guide reiterates that sanctions restrictions can extend beyond the people and organisations directly named on the list. An unlisted company may still be subject to restrictions if it is owned or controlled by a designated person.
A clear name search should therefore not automatically be treated as conclusive. Appropriate due diligence may also require consideration of ownership, control, aliases and other identifying information.
With there being regular changes to the sanctions lists, it emphasises why, when carrying out an anti money laundering identity check, its worthwhile adding on the PEP and sanctions monitoring which covers a 12 month period from as little as £1.99+VAT per year
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HMRC refreshes its AML Supervised Business Register
HM Revenue & Customs updated its public Supervised Business Register on 24 August.
The register can be used to check whether an accountancy service provider, estate agency business, trust or company service provider, or another business supervised by HMRC is registered under the Money Laundering Regulations.
The update does not change firms’ legal obligations, but an up-to-date register can assist businesses when checking the supervision claimed by a prospective supplier, customer or professional intermediary.
HMRC notes that registration information may take time to appear and so a business not appearing on the register may not be operating unlawfully.
The latest register is available through HMRC’s guidance on checking whether a business is registered for money-laundering supervision.