Prior Obligations General Licence Posted by: OFSI, Posted on: 24 May 2023 – Categories: Compliance, Enforcement, Financial Sanctions, Financial sanctions regime, Russia OFSI has received unprecedented numbers of licence applications to permit prohibited transactions or activities owing to more sweeping and far-reaching sanctions imposed relating to Russia and Belarus. Many of these applications involve UK persons who are owed money […]
FINTRAC’s video series on methods to verify the identity of a client FINTRAC publishes the fourth of a series of videos on prescribed methods that can be used to verify the identity of a person or an entity. The fourth video explains how to use the affiliate or member method. […]
New Legal Services General Licence Posted by: OFSI, Posted on: 2 May 2023 – Categories: Compliance, Financial Sanctions, Licensing, Russia The Legal Services General Licence (INT/2022/2252300) expired on 28 April 2023 and is no longer valid. All reported use of General Licence INT/2022/2252300 should be sent to OFSI by 5 May 2023. OFSI has reviewed the reported use of this licence […]
FINTRAC’s video series on methods to verify the identity of a client FINTRAC publishes the third of a series of videos on prescribed methods that can be used to verify the identity of a person or an entity. The third video explains how to use the dual-process method. All businesses […]
Russia: Trust services sanctions All persons designated under the Russia financial sanctions regime have been designated for the purpose of trust services sanctions. On 21 March 2023 the Foreign, Commonwealth and Development Office updated the UK Sanctions List on GOV.UK. This list provides details of those designated under regulations made under the Sanctions Act. All persons […]
Oil Price Cap HM Treasury has created a new Unit to sit within the Office of Financial Sanctions Implementation (OFSI), to lead the Government’s work on the licensing and enforcement system for the Oil Price Cap; engage with industry to ensure readiness for the cap; and monitor the level and […]
FINTRAC’s video series on methods to verify the identity of a client FINTRAC publishes the first of a series of videos on prescribed methods that can be used to verify the identity of a person or an entity. The first video explains how to use the government-issued photo identification document […]
OFSI re-sent the Legal Fees General Licence email, which now has a corrected blog post link. They didn’t send a link to the General Licence page, but they did send a link to the actual General Licence (the General Licence page is still not updated – I just checked): Link: […]
OFSI issues a Legal Fees General Licence OFSI has issued General Licence INT/2022/2252300 under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 and Regulation 32 of the Republic of Belarus (Sanctions) (EU Exit) Regulation 2019. General Licence INT/2022/2252300 Under General Licence INT/2022/2252300, provided that one of the sets of […]
OFAC-OFSI Enhanced Partnership Posted by: OFSI, Posted on: 17 October 2022 – Categories: Financial sanctions, Implementation, OFAC, UK As Directors of two of the world’s leading financial sanctions implementation authorities, we are committed to our close working relationship. As a testament to this ongoing commitment, on Thursday, 13 October, OFAC and OFSI concluded a multi-day technical exchange in London […]
Mr. Watchlist 