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UK Expands Sanctions Rules to More Firms Under New Regulations

16 May 2025

UK Expands Sanctions Rules to More Firms Under New Regulations

Regulations from the Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) regulations 2024 came into force on May 14th.

 

➡️ The legislation was laid before Parliament on the 14th November 2024, with the majority of regulations coming into force in December 2024.

➡️ The remaining regulations came into force on the 14th May 2025, 6 months later.

➡️ The newly in-force regulations include expanding the list of sectors subject to financial sanctions reporting requirements to high value dealers (HVDs) and art market participants (AMPs).

✅ HVDs and AMPs should review their sanctions screening frameworks and systems to ensure they maintain compliance with the new regulatory expectations.

💡 Plenitude RegSight and its subscription newsletter keeps you informed of the evolving regulatory landscape in the UK and its impacts for firms. Visit our website for more information: https://www.plenitudeconsulting.com/what-we-do/plenitude-regsight/

 

 
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