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.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1143219/March_2023_Monetary_Penalty_and_Enforcement_Guidance.pdf

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