Financial sanctions reporting obligations

The Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2022 and The Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2022 have been published. These regulations extend the definition of ‘relevant firms’ that have financial sanctions reporting obligations to include cryptoasset exchange providers and custodian wallet providers. The expanded definition will come into effect on 30 August 2022.

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. 

OFSI will host a webinar on Thursday 11 August 2022 to help cryptoasset exchange providers and custodian wallet providers understand these obligations. Requests to sign-up for the webinar should be sent to ofsi@hmtreasury.gov.uk with the subject line ‘Reporting obligations webinar – cryptoasset businesses’.

Chapter 5 of OFSI’s general guidance covers reporting obligations. For further information on reporting obligations, including how to report to OFSI, click here