Financial services firms are being urged to step up checks on cybersecurity and money laundering as potential sanctions around the Russia-Ukraine crisis raise another compliance headache for the City.

The Financial Conduct Authority has already told some of the City’s biggest firms to make sure they are on guard against a potential retaliatory cyber attack from Russia in return for any sanctions imposed, on the back of warnings from the UK’s National Cyber Security Centre that it has seen “malicious cyber incidents in and around Ukraine”.