BIBA launches FSA compliant sanctions check facility

The British Insurance Brokers’ Association (BIBA) has launched a sanctions checking facility to help members comply with the Terrorism Act and the FSA financial crime requirements.

The new facility, Sanctions Search, will enable members to screen their client list 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).

The facility is being funded in part by BIBA as a member benefit and rates have been negotiated on behalf of members. All members will be pre-registered including a number of ‘free' search credits.

Steve White, BIBA Head of Compliance and Training, said: "Brokers are subject to the UK's terrorism legislation, which prohibits the provision of financial services to anyone on the HMT list.

"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.

"To comply with the legislation, brokers should be regularly checking their clients against the HMT list."

Members are provided with an audit trail, allowing them to ‘evidence' and ‘demonstrate' that they have initially checked that their clients are not on the Consolidated List.

When changes are made to the Consolidated List client data will automatically be rescreened, at no additional cost, to ensure that this remains the case.