The Office of Financial Sanctions Implementation (OFSI) has issued updated guidance on monetary penalties for breaches of financial sanctions. The guidance provides an explanation of powers given to HM Treasury, how they will assess if to apply a monetary penalty, an overview of the process to determine the level of penalty and how it is imposed.  FIs should familiarise themselves with the updated guidance.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1051087/Monetary_Penalties_Guidance__Jan_2022_.pdf