Skip to content
Law Society of Scotland
Search
Find a Solicitor
Contact us
About us
Sign in
Search
Find a Solicitor
Contact us
About us
Sign in
  • For members

    • For members

    • CPD & Training

    • Membership and fees

    • Rules and guidance

    • Regulation and compliance

    • Journal

    • Business support

    • Career growth

    • Member benefits

    • Professional support

    • Lawscot Wellbeing

    • Lawscot Sustainability

  • News and events

    • News and events

    • Law Society news

    • Blogs & opinions

    • CPD & Training

    • Events

  • Qualifying and education

    • Qualifying and education

    • Qualifying as a Scottish solicitor

    • Career support and advice

    • Our work with schools

    • Lawscot Foundation

    • Funding your education

    • Social mobility

  • Research and policy

    • Research and policy

    • Research

    • Influencing the law and policy

    • Equality and diversity

    • Our international work

    • Legal Services Review

    • Meet the Policy team

  • For the public

    • For the public

    • What solicitors can do for you

    • Making a complaint

    • Client protection

    • Find a Solicitor

    • Frequently asked questions

    • Your Scottish solicitor

  • About us

    • About us

    • Contact us

    • Who we are

    • Our strategy, reports and plans

    • Help and advice

    • Our standards

    • Work with us

    • Our logo and branding

    • Equality and diversity

  1. Home
  2. News and events
  3. Blogs & opinions
  4. Amiqus - New Trade Sanctions Enforcement: Implications for Business Compliance

New Trade Sanctions Enforcement: Implications for Business Compliance

28th October 2024 | Regulation

Our Member Benefits partner Amiqus discusses the UK’s new sanctions enforcement regime, which gives the Office of Trade Sanctions Implementation (OTSI) the power to issue significant penalties.

In the ever-evolving international trade landscape, recent developments in the UK’s sanctions enforcement regime have significant implications for businesses operating globally. In this article, Amiqus explores the new enforcement powers granted to the Office of Trade Sanctions Implementation (OTSI), the importance of sanctions screening, and the role of comprehensive compliance tools in mitigating risks.

Strengthened Enforcement Powers

On October 10, the UK’s Office of Trade Sanctions Implementation (OTSI) received enhanced enforcement powers, marking a significant shift in regulating and enforcing trade, aircraft, and shipping sanctions. These new powers include:

  • Authority to issue monetary penalties
  • Ability to impose civil sanctions for sanctions breaches
  • Increased maximum penalties of £1 million or 50% of the estimated breach value, whichever is higher

Understanding the New Civil Enforcement Guidance

The Trade, Aircraft and Shipping Sanctions Civil Enforcement Guidance provides clarity on the enforcement process and outlines OTSI’s approach to investigating breaches. It also allows companies to understand their responsibilities and avoid penalties for non-compliance. Key aspects of the guidance include:

  • Investigation procedures for potential breaches
  • Methodology for calculating fines
  • New reporting obligations for ‘relevant persons’ regarding suspected breaches

The Importance of Sanctions Screening (and Monitoring)

In light of these new developments, sanctions screening has become more critical for businesses than ever. Here’s why:

  • Ensures compliance with growing regulatory requirements
  • Prevents engagement with sanctioned individuals, entities, or countries
  • Protects against severe penalties and reputational damage
  • Maintains smooth business operations

Effective screening involves thorough due diligence when onboarding new clients or entering business relationships, checking against updated lists of sanctioned parties.

Comprehensive Risk Management: PEPs, Sanctions, and Adverse Media

Businesses must also consider other checks as part of broader due diligence processes, especially when dealing with high-risk clients. These checks are:

Politically Exposed Persons (PEPs) Screening:

  • Identifies individuals in prominent public positions
  • Mitigates risks associated with potential corruption or financial crimes

Adverse Media Screening:

  • Checks for negative news reports or public information
  • Highlights potential reputational or legal risks not captured in official sanction lists

Leveraging Amiqus for Effective Risk Management

To navigate this complex regulatory landscape, businesses can benefit from Amiqus’ compliance capabilities on offer, which include:

  • Automated sanctions and PEPs screening against global databases: gain extensive global coverage by accessing thousands of lists, including individual country lists and watchlists from OFAC, Interpol, UN Sanctions list, and more.

  • Comprehensive adverse media screening using AI and machine learning: leverage technology to scan over 150 million print and online media articles.

  • Ongoing monitoring capabilities for continuous risk assessment: conduct daily searches on high-risk individuals.

  • Simplified, auditable compliance processes: all compliance activities are documented with a date and time-stamped audit trail, ensuring a reliable record for audits or inspections.

By integrating Amiqus into its compliance framework, businesses can effectively manage sanctions-related risks, ensure regulatory compliance, and protect their reputation in the global marketplace.

In conclusion, the new trade sanctions enforcement regime in the UK highlights the need for businesses to prioritise comprehensive compliance measures.

Companies can navigate the complex world of international trade with confidence and security by understanding the new guidelines, implementing robust screening processes, and leveraging compliance tools such as Amiqus.

If you’d like to find out more about sanctions screening solutions for your firm, speak to the Amiqus team today.

Member Benefits

Our member benefits include a wide range of personal, professional and business benefits.

Member benefits about Member Benefits

Amiqus ID

Amiqus is an encrypted online anti-money laundering tool

 

Read more about Amiqus ID
Add To Favorites

Additional

Categories

  • Equality and diversity
  • opinion
  • practice management
  • law society of scotland
  • executries
  • tax
  • mental health-adult incapacity
  • trusts-asset management
  • employment
  • europe
  • civil litigation
  • professional regulation
  • family-child law
  • criminal law
  • information technology
  • careers
  • reparation
  • human rights
  • property (non-commercial)
  • consumer
  • licensing
  • commercial property
  • planning/environment
  • insolvency
  • immigration
  • government-administration
  • welfare/benefits
  • client relations
  • education-training
  • interview
  • dispute resolution
  • corporate
  • agriculture-crofting
  • reviews
  • banking-financial services
  • intellectual property
  • New lawyers
  • Business support
  • Law Society news
  • Non-regulatory committees
  • Regulatory Committee
  • Career growth
  • International
  • Schools
  • Wellbeing
  • Member benefits
  • Professional support
  • Research and policy
  • In-house lawyers
  • Regulation
  • For the public
  • Legal aid
  • obituary
  • Public Policy Committee
  • Sustainability
  • Professional support
  • Wellbeing

News Archive

  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008

Related articles

  • AML Spotlight: Regulation 39 - Reliance
  • Meet our new Head of AML: Gemma Turnbull
  • AML Spotlight: Regulation 21 internal controls
  • AML Spotlight: Training
Law Society of Scotland
Atria One, 144 Morrison Street
Edinburgh
EH3 8EX
If you’re looking for a solicitor, visit FindaSolicitor.scot
T: +44(0) 131 226 7411
E: lawscot@lawscot.org.uk
About us
  • Contact us
  • Who we are
  • Strategy reports plans
  • Help and advice
  • Our standards
  • Work with us
Useful links
  • Find a Solicitor
  • Sign in
  • CPD & Training
  • Rules and guidance
  • Website terms and conditions
Law Society of Scotland | © 2025
Made by Gecko Agency Limited