UK: SANCTIONS REPORTING TO OFSI: WHAT DO I NEED TO DO?

On 30 August, OFSI posted on its blog a piece on what companies’ sanctions reporting obligations are and how they can be met.  At the same time, HM Treasury reported that OFSI has updated Chapter 5 (‘Your reporting obligations to OFSI’) of its general guidance to reflect a change following new regulations which, from 30 August, extend the definition of ‘relevant firms’ that have financial sanctions reporting obligations to cryptoasset exchange providers and custodian wallet providers. Chapter 2 of the general guidance (‘Who is subject to financial sanctions’) has been updated.

https://ofsi.blog.gov.uk/2022/08/30/reporting-to-ofsi-what-do-i-need-to-do/

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

https://www.europeansanctions.com/2022/08/relevant-firm-for-uk-sanctions-reporting-now-includes-crypto-providers/

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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

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