New reporting requirements for Designated Persons released by OFSI

Follow-up on Joint ESAs Guidelines review published by EBA
Latest issue of ‘AML Essentials’ published by ICAEW

The Office for Financial Sanctions Implementation (OFSI) has released new reporting requirements for Designated Persons under the Russia Regime.

These new obligations mean:

  • Relevant firms are now required to inform OFSI of any funds or economic resources they hold for the Central Bank of Russia (CBR), Russian Ministry of Finance (MOF) or Russian National Wealth Fund (NWF). This new reporting obligation is intended to provide the government with a more comprehensive picture of the value and nature of CBR, MOF and NWF assets held in the UK.
  • An additional designated persons asset reporting requirement has been placed under the Russia regime. This new requirement means Persons designated under the Russia financial sanctions regime are required to proactively provide details of their UK assets to OFSI (or their worldwide assets if they are UK persons).

These updates aim to strengthen the transparency of frozen assets in the UK and assist HM Treasury in monitoring compliance with, and detecting evasion of, financial sanctions.

Firms should continue to remain up to date on UK sanction’s developments, to ensure they remain compliant with relevant obligations.

https://ofsi.blog.gov.uk/2024/02/12/new-reporting-requirements-for-designated-persons-under-the-russia-regime/

Share with: