New service helps brokers comply with anti-terror and financial crime rules
Biba has launched a facility to help brokers ensure they are complying with the Terrorism Act and the FSA’s financial crime requirements.
The association first revealed plans for the service in April.
The sanctions-checking facility, provided by Sanctions Search, will enable Biba members to ensure that their client list is screened against HM Treasury’s UK Consolidated Financial Sanctions List on a regular basis, including an option to extend checks to the Office of Foreign Assets Control (International List).
Brokers are subject to the UK’s terrorism legislation, which prohibits the provision of financial services to anyone on the financial sanctions list.
The facility is being funded in part by Biba as a member benefit. Costs for using the facility are based on purchasing blocks of 150 search credits, of which the first block will be free for Biba members.
Thereafter, Biba says it has negotiated “competitive” rates for the service on behalf of members.
“Brokers have a responsibility to ensure that they have in place systems and controls in relation to financial sanctions as part of FSA’s requirements,” Biba head of compliance and training Steve White said in a statement. “To comply with the legislation, brokers should be regularly checking their clients against the HMT list.”
Biba’s head of technical services, Steve Foulsham, added: “Biba frequently receives calls from members telling us of the difficulties they are encountering when screening their clients to ensure that their customers are not target names. To overcome this, the new facility provides a cost-effective, automated financial sanctions screening service to provide members with peace of mind.”