OFSI updates guidance on monetary penalties for breaches of financial sanctions

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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.


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