Response to consultation on Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures
Question 1: Do you agree with the proposed provisions? If you do not agree, please explain how you think these provisions should be amended, and set out why they should be amended. Please provide evidence of the impact these provisions would have if they were maintained as drafted'?
The FBF shares the objective of improving the system of restrictive measures, however the consultation provides options, certain aspects of which do not appear to be the best way to achieve this objective in particular :
: 1. a common approach to dealing with asset freeze measures and economic sanctions (Embargo) in particular by applying an obligation of result to these two types of controls, while this notion which aggravates the responsibility of banks , only exists in France and only covers the asset freeze measures to date.
2. the obligation of a 4-eyes control to decide on any restrictive measure, which would lead to substantial reorganizations given the number of decisions taken.
3. the removal of the filtering exemption for domestic transfers.