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Sanctions against Russia and the threat of hefty fines make screening more vital than ever for UK businesses
01 March 2022
According to SmartSearch, businesses should take action to review their due diligence and sanctions screening procedures to avoid falling foul of extensive new sanctions against Russia. It will be essential for UK companies to ensure that any individuals and organisations they are dealing with have not become subject to newly-imposed sanctions. Any regulated companies which are found to have contravened the sanctions brought in by the government against Russia could face action, including hefty fines, from regulatory organisations such as Office of Financial Sanctions Implementation (OFSI)
