UK: EXTENSION OF THE DEFINITION OF ‘RELEVANT FIRMS’ THAT HAVE FINANCIAL SANCTIONS REPORTING OBLIGATIONS TO INCLUDE CRYPTOASSET EXCHANGE PROVIDERS AND CUSTODIAN WALLET PROVIDERS

On 19 July, OFSI advised that the expanded definition will take effect from 30 August.  It had explained that there is a requirement for ‘relevant firms’, as defined in sanctions regulations, to notify OFSI of certain information as soon as practicable when encountering a designated person in the course of their business.  This requirement applies to relevant firms in the UK or under UK jurisdiction including people working for them. 

https://www.gov.uk/guidance/suspected-breach-of-financial-sanctions-what-to-do

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017