Financial Sanctions

Financial and economic sanctions are binding prohibitions applied by governments to prevent business transactions with certain designated persons. They may be rogue organisations, countries, regimes or specific individuals.

Violations of sanctions issued by the UN, the US and the EU, placing restrictions on payments and other financial transactions, can result in fines and criminal charges.

Our Financial Sanctions Compliance Training Course will help your employees understand what financial sanctions are, their impact on business operations and how to ensure compliance.

Start your trial Course details

45 Minutes
All staff
Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.

Learning objectives

Recognise what financial sanctions are and the purpose that they are designed to achieve
Identify the steps our Company takes to comply with sanctions
Comply with your own obligations under the Company's policy and procedures in relation to sanctions
Seek advice and report matches and transactions to avoid sanctions violations

Introduction

What are financial sanctions?

Who imposes sanctions?
Types of financial sanctions
Mind the USA!
Sanctions terminology
Consequences: In the news…
You decide: What is the risk?

Sanctions controls

Company sanctions
How we apply sanctions
Your obligations
You decide: Is it correct or not?
Customer onboarding
Payments
Wire stripping
Third parties
You decide: Sanctions compliant?

Screening & matching

The screening and matching process
You decide: What type of match is it?
Best practice: Screening and matching

Implementing financial restrictions: asset freezes

What this means for you
You decide: Is it allowed or not?
Scenario: Angela's client
Scenario: Receiving payments from designated persons
Scenario: Insurance and designated persons

Entities: Ownership & control

Scenario: Sanctions and ownership
Scenario: Insuring entities
Scenario: Sanctions and partnerships
Scenario: Sapphire
Scenario: Sanctions checks
The workaround
Scenario: Roya and Kazem's story

Our reporting & record-keeping obligations

Record keeping

Summary

Affirmation

Assessment

Your questions, answered

Financial Crime

CoreCompliance

Common FAQs

How can I log and track incidents of financial crime in my organisation?

Our Compliance Breach Register allows you to securely log and monitor incidents of financial crime, such as bribery or money laundering. The tool enables you to track resolution progress and maintain a clear audit trail, ensuring accountability and compliance with regulatory requirements.

How can I ensure my employees understand and comply with our internal policies in relation to financial crime?

Our Policy Hub enables you to distribute policies such as your Anti-Money Laundering (AML) policy to employees, track acknowledgements, and send automated reminders. This ensures everyone understands their obligations and helps you maintain compliance with financial crime regulations.
.

Which courses are included in CoreCompliance?

All users get access to courses on popular compliance topics, such as: bribery, cybersecurity, equality, health and safety. In addition, you can get courses specific to your business sector.

There are over 150 courses included within the CoreCompliance package. The actual courses provided depend on the sector chosen for the subscription.

Are CoreCompliance courses only intended for use by those based in the UK?

Most of our courses are non-jurisdiction-specific and informed by global standards. However, some of them are specifically about UK law. We currently only recommend CoreCompliance outside the UK for courses on common standards. This includes Modern Slavery, Money Laundering, and Bribery.

Do the courses bookmark my progress?

Yes, all the courses have automatic bookmarking. If you close a course without completing it, you can return to where you left off or restart the course. However, if the course features a video, your progress through the video will not be bookmarked, and you'll need to start the video afresh upon your return.

What are in-depth courses?

Your subscription includes in-depth e-learning courses on bribery, money laundering, data protection, and equality. This is ideal for annual compliance training. Each course takes 30-45 minutes and provides comprehensive foundational knowledge. They can evidence that with a certificate and CPD points.

What are microlearning courses?

The CoreCompliance includes microlearning courses on most topics that you need for employee compliance training. These are typically 2-3 minutes long and illustrate the compliance topic using engaging visuals and storylines. For each course, employees can download a certificate evidencing their completion.

Can we use a Skillcast certificate to evidence training to regulators, courts, etc?

Yes, you can present a Skillcast certificate to evidence training. Skillcast can verify its validity, i.e., when and on which account the training was done, the time spent, etc. But of course, we can't prevent one person from sitting in place of another to do the training. That's up to the client company to ensure. Also, Skillcast is not an accredited certification body. Therefore, the certificates are only proof of training completion, not a legal document.

What is "mandatory training"?

All users in your account can see all the courses available for your business sector. You can set any of these courses as "mandatory training" for one or more users. Doing this assigns the courses to them with a deadline and sends them notification emails. If they don't complete the course within the deadline, they get reminder emails to complete the assignment.

How do I check my mandatory training?

The "Mandatory Training" box on the homepage shows the percentage of completed, incomplete, and overdue mandatory training. Select the box to access your incomplete mandatory training. The date (shown in the DD/MM/YYYY format) is your deadline for completing the course.

What is in my training record?

Your training record shows a list of the courses that you've started and completed. You can select each entry to see more details, such as your passing score and your certificate. You can access your training record by selecting "Certificates" at the top of the screen.

Can I get certificates for courses I've completed?

Yes, you can download a course completion certificate after you've completed a course. To do this, select "Certificates" at the top of your screen, and then choose the relevant course from the list of those that you've completed.

How do I update my details?

Select "My Profile" at the top of the screen to change your details.

Do I get a dashboard to manage my employees?

Yes, CoreCompliance provides you with an admin dashboard where you can manage and monitor your learners. It enables you to check whether your employees have completed the mandatory training you have assigned to them. You can also download a report showing the completed, pending or overdue assignments for all your users.

How do I start a subscription?

Subscribing to the CoreCompliance is easy. You are already registered for a trial. Select "Purchase" at the top of the screen and select the number of seats you need (you will need a seat for yourself). You can pay using a credit or debit card, which will be processed by Stripe.

Can I change the number of seats in my subscription?

Yes, you can upgrade your subscription to a higher number of seats at any point during your subscription. This will be at a pro-rata charge by selecting "Billing" at the top of the page. You can also reduce the number of seats at any point, but this change will take effect from the next renewal date.

Can I get monthly or annual subscriptions?

All subscriptions are on an annual basis. We don't offer monthly subscriptions.

Can I get an invoice for the subscription?

Yes, you will receive your invoice and payment receipt by email. After the purchase, you can also log in to Stripe to download your invoice and receipt.

How long do I have to wait to assign training after making the payment?

After your payment has been processed successfully, you and your employees will have immediate access to all the e-learning. You will need to add their names and email addresses to give them access.

How do I purchase more seats?

Your admin dashboard shows the number of seats you currently have available. You can purchase more seats at any point during your subscription. To do this, select "Billing" at the top of the page, allowing you to add more users to your Portal. You can have a maximum of 50 seats in total.

Can I reuse the seats of employees who have left my company?

Yes, you can free up seats by archiving users who have left your company and assigning them to others in your company.

Can I add more than 50 users to my subscription?

CoreCompliance is only available for up to 50 users. If you require more than 50 seats, you will need to upgrade to our Standard Plan. You can contact our Sales team via our website.

Can I get a refund if I terminate my subscription partway through the year?

Unfortunately, not. CoreCompliance subscriptions are for a whole year. If you terminate your subscription partway through the year, we will not renew it, but we can't give you any refunds.

Are Skillcast courses SCORM-compliant?

Yes. This means they can be delivered via the Skillcast Portal or any other SCORM-compliant Learning Management System.

What other tools are needed beyond training?

A comprehensive compliance solution often needs more than just training. Alongside e-learning, tools like declarations, surveys, and registers that track compliance tasks are usually essential. Skillcast provides full support to help you set up these additional tools.

Financial Sanctions

Learning objectives

What can you expect your employees to learn?

Introduction

What are financial sanctions?

Sanctions controls

Screening & matching

Implementing financial restrictions: asset freezes

Entities: Ownership & control

Our reporting & record-keeping obligations

Summary

Affirmation

Assessment

Start your compliance e-learning journey with a free trial

Your questions, answered

How can I log and track incidents of financial crime in my organisation?

How can I ensure my employees understand and comply with our internal policies in relation to financial crime?

Which courses are included in CoreCompliance?

Are CoreCompliance courses only intended for use by those based in the UK?

Do the courses bookmark my progress?

What are in-depth courses?

What are microlearning courses?

Can we use a Skillcast certificate to evidence training to regulators, courts, etc?

What is "mandatory training"?

How do I check my mandatory training?

What is in my training record?

Can I get certificates for courses I've completed?

How do I update my details?

Do I get a dashboard to manage my employees?

How do I start a subscription?

Can I change the number of seats in my subscription?

Can I get monthly or annual subscriptions?

Can I get an invoice for the subscription?

How long do I have to wait to assign training after making the payment?

How do I purchase more seats?

Can I reuse the seats of employees who have left my company?

Can I add more than 50 users to my subscription?

Can I get a refund if I terminate my subscription partway through the year?

Are Skillcast courses SCORM-compliant?

What other tools are needed beyond training?

Related courses

Data Protection

Preventing Sexual Harassment

Anti-Bribery Training

Anti-Money Laundering & Counter-Terrorist Financing

Modern Slavery

Fraud Prevention

Anti-Money Laundering

Preventing the Facilitation of Tax Evasion

Market Abuse Regulation

Bribery Prevention

Financial Crime Prevention

Healthy Working

Digital Operational Resilience Act (DORA)

Suspicious Activity Reporting

Mental Health at Work

Economic Sanctions

Embargoes and Sanctions

Customer Due Diligence

Safeguarding the Vulnerable

Preventing Sexual Harassment for Managers

Tipping Off

Good Outcomes for Vulnerable Customers

Overview of the Consumer Duty

Whistleblowing in Financial Services

Complaints Handling in Financial Services

Treating Customers Fairly in Financial Services

Personal Conflicts of Interest

Introduction to UK Financial Regulation

Operational Resilience

CASS Overview

Conflicts of Interest in Asset Management

Understanding Modern Slavery

Gifts and Hospitality

Abuse of Position

Whistleblowing

Understanding Sanctions

Money Laundering Red Flags

Business Email Compromise

Speak Up