UK and European insurance companies should beware of breaching OFAC sanctions with blanket global policies and reinsurance policies

UK and European insurance companies are being strongly urged to review their global policies to ensure they do not breach legislation created by the US Treasury Department’s Office of Foreign Assets Control (OFAC) and risk incurring multi-million dollar penalties, according to fit-for-purpose data and compliance screening specialists, Datanomic Ltd

UK insurance companies remain confused about sanctions screening

The majority of UK insurance companies remain confused about their sanctions screening responsibilities, are largely ignorant of their obligations under the Terrorism Order, and have an over reliance on small firms to screen against Her Majesty's Treasury (HMT) lists, according to fit-for-purpose data and compliance screening specialists, Datanomic Ltd.

Datanomic outlines biggest financial sanctions screening misconceptions among UK financial services firms

UK financial services firms are sitting on compliance time bombs with regards to the UK financial sanctions regime, despite recent highly publicised fines and penalties, according to fit-for-purpose data and compliance screening specialists, Datanomic Ltd.