On 1 December 2023,FCA published a Memorandum of Understanding (MoU) (dated 21 November 2023) between it and OFSI. The MoU sets out the collaboration and information exchange between FCA and OFSI. It replaces the previous MoU dated April 2019, and outlines the framework for cooperation and data sharing, effective upon signature by both parties.
The MoU indicates the potential interaction between FCA’s and OFSI’s financial and trade sanctions functions, and their mutual relevance to each other’s respective work.
FCA and OFSI have agreed to share various types of information to facilitate effective cooperation and fulfil their respective functions. This includes:
- information about suspected or actual breaches of sanctions identified by OFSI, that are within OFSI’s remit, which suggest weaknesses in an FCA-supervised firm’s systems and controls;
- details regarding suspected or actual sanctions breaches identified by FCA that fall within OFSI’s competencies, which FCA has reasons to believe that OFSI may not be aware of;
- intelligence gathered by each party that may benefit joint investigations or enforcement of sanctions;
- disclosures made under relevant legislation, such as the FSMA and AML regulations;
- personal data linked to individuals involved in suspected or actual breaches of sanctions falling within OFSI’s responsibilities;
- notification and reports concerning asset freeze and designated persons submitted by FCA- supervised firms to OFSI; and
- any information useful for intelligence purposes.
The MoU encompasses proactive and requested sharing of such information, subject to applicable legal restrictions and agreed upon information sharing gateways outlined in the MoU.