Jurisdiction(s):
United Kingdom

Key definition

Board definition

What does Board mean? In legal practice, the board is the group of directors who collectively manage and supervise a company’s business and affairs. In the UK and Ireland the term is descriptive rather than statutory: company legislation (Companies Act 2006; Companies Act 2014 (Ireland)) generally refers to “the directors” and does not define “board”. The board is the company’s primary decision‑making body in a unitary governance model and typically includes executive and non‑executive directors. Acting subject to the company’s articles or constitution and directors’ statutory duties, it takes decisions at duly convened board meetings or by written resolutions, and may delegate authority...

Memorandum to Board/Senior Management on UK Financial Sanctions: SAMLA 2018 Framework, OFSI Licensing, Reporting Duties, Risk Assessment and Penalties, with Policy Attached

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Precedents

Financial Sanctions

Financial sanctions are controls that limit transactions involving Money and the delivery of financial services; they may, for example, bar the transfer of funds to particular countries, individuals or entities.

The Sanctions and Anti-Money Laundering Act 2018 (SAMLA 2018) is the UK’s principal sanctions law. It outlines the sanctions that can be introduced and the aims they may serve, empowers ministers to set detailed rules, and places obligations to ensure robust scrutiny and the safeguarding of the rights of those affected.

Regulations made under SAMLA 2018 can create a wide range of measures—covering financial, trade, immigration, transport, etc. Financial sanctions typically prohibit dealing with assets, or making funds or economic resources available to, or for the benefit of, designated persons. There are also sectoral sanctions that forbid or restrict specified financial and investment activities.

For our business, adherence to this framework is essential: non-compliance could lead to significant penalties for the organisation and for the individuals involved. Compliance requires several steps, including:

assessing the risk of our organisation being exposed to persons subject to sanctions — see attached

...

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Web page updated on 22/05/2026

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