LMA updates sanctions guidance

The Lloyd’s Market Association has published updated guidance on sanctions and briefed managing agents and brokers on the changes. The guidance, in new Market Bulletin Y5057, relates to processing requirements of central settlement for Iran, Syria, North Korea, Crimea, Cuba and Sudan. Transactions relating to any of these jurisdictions can only be processed through Central Settlement if they are settled in sterling. It is possible to arrange processing in other currencies in relation to certain jurisdictions, and still prohibited to process business in US dollars for some.