OFSI Adds 3 New Questions to Financial Sanctions FAQs

The updates aim to clarify General License (GL) INT/2025/6641960 relating to brokerage accounts.

Key updates to the FAQs include:

➡️ National Settlement Depository (NSD) assets: The NSD remains designated by the FCDO, making it out of scope for the GL;

➡️Consistent policy: OFSI clarified that the GL does not represent a change in its approach to the NSD; and

➡️ Non-DP client accounts: Once non-DP client funds are removed, accounts with DP brokers can usually be closed without engaging sanctions or requiring a licence.

✅ Firms operating in the UK should review the FAQ updates to ensure their sanctions escalation procedures reflect the regulator’s clarified expectations.