OFSI issues 2024 Financial Sanctions Notice

The notice highlights annual frozen asset reporting requirements and ongoing compliance expectations for organisations holding assets subject to sanctions.

Key requirements include:

• All UK persons and entities must continue to freeze any funds or economic resources owned or controlled by designated individuals and entities;
• The annual reporting deadline for frozen assets is 11 November 2024, covering assets as of 30 September 2024; and
• Cryptoassets, like other financial assets, fall under financial sanctions restrictions and must be reported accordingly.

✅ Organisations should designate a responsible individual to compile and submit the frozen assets report, ensuring comprehensive and compliant submissions.

💡 Plenitude can support your firm navigate compliance with the evolving UK financial sanctions landscape. Get in touch for more information: enquiries@plenitudeconsulting.com