On 21st November, the Trump Administration increased its sanctions on North Korean leader Kim Jong Un. The ban will affect trading regulations with North Korea or connected entities and it is important for business to keep track of sanctions and ensure their sanctions policy is up to date.
VinciWorks has recently created a free sanctions policy template that can easily be edited to suit your organisation, industry and staff, as well as remain relevant with all the current sanctions in place.
You can download the sanctions policy template for free by clicking on the button below.
What should a Sanctions Policy include?
Start by explaining what sanctions are. Sanctions are restrictions on activity with targeted countries, governments, entities, individuals and industries (‘targets’) that are imposed by bodies such as the United Nations (UN), the European Union (EU), individual countries or groups of countries.
Comparing sanctions to anti-money laundering
The sanctions regime is not the same as the Anti-Money Laundering regime and it is important for staff to know the difference. This section should explain this difference.
Who is responsible for the sanctions policy?
Give details of who the Nominated Officer is. This person is responsible for ensuring the policy is adhered to by all staff.
Has your organisation carried out a sanctions risk assessment? The risk assessment procedures, and any results to note should be included here.
Your organisation should have clear sanctions procedures in place and include those procedures in the policy.
What training is provided on sanctions?
Your policy should outline the training your staff will be given on sanctions.
Consequences of non-compliance
Are your staff aware of the importance of adhering to the sanctions policy. This should be highlighted by pointing out the implications of non-compliance, which could result in disciplinary action or even dismissal.
Download a free sanctions policy template
VinciWorks’ sanctions policy template can easily be edited to include your organisation’s name and the contact details of the Nominated Officer. You can download the template here.