Lloyd's gives sanctions guidance: Lloyd's has published a market bulletin to give guidance to the market on developing appropriate and risk-based systems and controls to comply with international sanctions covering the compliance, delegated authorities and claims-handling business areas. It says managing agents can use the guidance to benchmark their existing systems and controls or as a start to developing a compliance programme. It also notes many of the recommendations are common to other financial crime controls. The guidance covers:

  • risk assessment;
  • governance;
  • policies and procedures;
  • sanctions screening;
  • other screening and due diligence considerations;
  • monitoring and reporting;
  • record-keeping; and
  • communications and training.

(Source: Lloyd's Gives Sanctions Guidance)