Is It Worth the Risk?

You tell us!

The penalty for dealing with a client or organisation who is on the Financial Sanctions list is up to 7 years in prison and/or a fine.

This, coupled with the fact that you may not be able to work in the industry again after a conviction, makes us think it is not worth the risk at all.

It has to be said that the odds are against you dealing with someone on the list but that does not mean you can’t.

Furthermore, it is not purely about not dealing with someone on the list; it is about being able to demonstrate that you checked your client is not on the list.

However, whoever your regulator is, you still need to be able to demonstrate the systems and processes you have in place in your business to confirm that your clients are not on the list. Failure to achieve this will obviously bring about penalties from your regulator, which in itself is important to bear in mind.