Online sanctions training
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Is your firm safe against breaching sanctions regulations?
Are you confident that your staff know the signs of a sanctions breach and the protocol to follow?
On 11 November 2024, the Office of Financial Sanctions Implementation (“OFSI”), part of HM Treasury, imposed a monetary penalty of £465,000 on a UK-registered firm for breaches of regulation 12 of the Russia (Sanctions) (EU Exit) Regulations 2019 (the “Russia Regulations”). This penalty related to payments made to designated persons.
But, had the firm in question not fully co-operated, the fine would have been double the amount! With firms’ financial health at stake, it has never been more important to check and monitor clients against sanctions registers.
This means firms need to ensure all relevant staff are fully up-to-speed with sanctions regulations and their importance, and best practices for achieving compliance with them.
What we offer
Our online sanctions training
This course equips staff with the knowledge to understand the significance of sanctions, identify sanctioned entities, and navigate complex legal requirements. By completing Veriphy's training, employees can effectively mitigate risks, avoid substantial penalties, and uphold ethical standards in business practices. By the end of Veriphy’s new online sanctions training course your team will be confident with:
What we mean by sanctions and why they are important
Who the UK partners are enforcing sanctions
How to stay compliant with the legislation
Why Veriphy
The benefits of our online sanctions training
Our Sanctions training course covers the requirements placed on your staff when a match is triggered, emphasising the steps required to keep your firm safe from penalty, with handy links to key sites.
- In this 30-minute module, trainees will explore their current understanding
- Learn about the desired outcomes of sanctions, the specific activities that are the targets of sanctions, and the seriousness of the harms they address
- Gain knowledge about the relevant legislation in the UK and its partners
- Learners will also discover the several types of restriction enabled by sanctions, the steps required for full compliance, and will also engage with a case study journey
- Certificate of completion for successful candidates
- Competitively priced at £50 (excluding VAT) per candidate—bulk options available
