---
title: OFSI guidance for HVDs and AMPs on sanctions reporting
description: The Office of Financial Sanctions Implementation (OFSI) published new guidance for High Value Dealers (HVDs) and Art Market Participants (AMPs)
---

[News & insights ](https://www.plenitudeconsulting.com/news-insights)

# [OFSI guidance for HVDs and AMPs on sanctions reporting](https://www.plenitudeconsulting.com/news-insights/ofsi-guidance-for-hvds-and-amps-on-sanctions-reporting)

 Written by [Insight & Partnership Team](https://www.plenitudeconsulting.com/news-insights/author/insight-partnership-team) | Nov 22, 2024 1:55:40 PM

 

The guidance aims to improve sanctions reporting, ensure compliance, and tackle common sanctions evasion practices present across the sectors.

- From 14 May 2025, HVDs and AMPs will be required to report any dealings with sanctioned individuals or entities, enhancing transparency across the sector;
- The guidance highlights common evasion practices, such as asset transfers via shell companies or offshore accounts, and underscores the need for robust due diligence​;
- Digital assets, including cryptocurrencies, are identified as presenting emerging risks, with firms urged to implement strong compliance measures to prevent their misuse; and
- Firms must regularly update their sanctions compliance programmes and monitor the OFSI Consolidated List to avoid breaches​.

✅ Firms operating in the HVD and AMP sectors should review their financial sanctions frameworks to ensure compliance with new and forthcoming requirements.

[View full post](https://www.plenitudeconsulting.com/news-insights/ofsi-guidance-for-hvds-and-amps-on-sanctions-reporting)

```json
{
  "@context" : "http://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "Insight & Partnership Team"
  },
  "dateModified" : "2024-11-22T13:55:40.500Z",
  "datePublished" : "2024-11-22T13:55:40Z",
  "headline" : "OFSI guidance for HVDs and AMPs on sanctions reporting",
  "image" : {
    "@type" : "ImageObject",
    "height" : 533,
    "url" : "https://9417247.fs1.hubspotusercontent-na1.net/hubfs/9417247/Art.jpeg",
    "width" : 800
  },
  "mainEntityOfPage" : "https://www.plenitudeconsulting.com/news-insights/ofsi-guidance-for-hvds-and-amps-on-sanctions-reporting",
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "height" : 60,
      "url" : "/hs/hsstatic/content_shared_assets/static-1.4092/img/default-amp-logo.png",
      "width" : 60
    },
    "name" : "News & insights"
  }
}
```