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March 16, 2023: OFSI updates its Enforcement Guidance

Update to OFSI Enforcement Guidance

OFSI has today updated its Enforcement and Monetary Penalty guidance to include details on our approach to assessing breaches of financial sanctions where an incorrect assessment of ownership and control of an entity is relevant to the commission of the breach.

This updated guidance sets out examples and a principles-based approach for conducting due diligence and making assessments.

OFSI Notice

Link:

OFSI Enforcement Guidance

Categories: Enforcement Actions Enforcement Guidelines OFSI Updates

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