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New rules for OFSI reporting…

Financial sanctions reporting obligations

Reporting obligations measures in The Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2022 and The Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2022 have taken effect.

These regulations extend the definition of ‘relevant firms’ that have financial sanctions reporting obligations to cryptoasset exchange providers and custodian wallet providers. The expanded definition has come into effect today – 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. This requirement applies to relevant firms in the UK or under UK jurisdiction including people working for them. 

OFSI has updated chapter 5 (‘Your reporting obligations to OFSI’) of its general guidance to reflect this change. Chapter 2 of the general guidance (‘Who is subject to financial sanctions’) has also been updated. OFSI has also published a blog to accompany this update. For further information on reporting obligations, including how to report to OFSI

Categories: Administrative Frozen Assets Reporting OFSI Updates Regulatory Reporting Sanctions Regulations


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