OFSI Updates Guidance on Monetary Penalties for Breaches of Sanctions
The Office of Financial Sanctions Implementation (OFSI) has updated its guidance on enforcement and monetary penalties for breaches of financial sanctions.
The changes provide guidance on:
Ownership and control assessments;
Due diligence considerations and expectations;
Assessing formal and de-facto ownership.
Firms should read the updated OFSI guidance and identify their sanctions compliance obligations.
Sanctions
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