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The Financial Sanctions Register (FSR) is a consolidated list of target names (individuals and companies) provided by the UN, EU and UK governments, under legislation relating to current financial sanctions regimes. Maintained by the Asset Freezing Unit of HM Treasury, the register changes frequently. Financial Institutions in the UK are obligated to check their clients against this register for compliance purposes, both when taking on new clients and on an ongoing basis (to ensure existing clients haven't subsequently been added to the blacklist). Linksfield's FSR Checker is designed to help businesses compare their customer lists against this sanctions register. This solution is of particular importance and relevance given the EU's 3rd Money Laundering Directive which came into effect in the UK in Dec 2007, building upon the Proceeds of Crime Act 2002 and Terrorism Act 2000. HM Treasury has also recently launched a consultation on a new draft terrorist asset-freezing bill (March 2010). Our solution comprises two key components (see figure below and product sheet):
The system uses our unique "fuzzy matching" search engine algorithm, LIMA, and produces the necessary reports to evidence to the FSA (or other regulatory bodies) that appropriate searches are being run regularly against the blacklist. Should you require any further information about the FSR Checker solution, please contact us for pricing and / or to arrange a free demonstration!
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