Part F Cross-Border Issues, 47 Economic Sanctions

Subject(s):

Regulation of banks — Bank of England

This chapter considers the impact of sanctions imposed by the UK on banks in England. It also discusses the sources of sanctions legislation. A regime of economic sanctions imposed by the UK will invariably be a matter of high policy. It is therefore unsurprising that compliance is mandatory for UK entities under all circumstances, regardless of the law applicable to any relevant contracts or any other matter. Banks must both ensure compliance and take the necessary steps to ensure that it does not incur any liability to affected customers.