Latest posts tagged with #ofsi on Bluesky
The UK government wants to merge the NCA into a new National Police Service. Most firms still cannot explain the difference between regulatory supervision and criminal enforcement.
#FinancialCrime #AML #Sanctions #Compliance #NCA #FCA #OTSI #OFSI #EconomicCrime #RiskManagement #OpusDatum
The Office of Financial Sanctions Implementation #OFSI launched a Call for Evidence on Ownership and Control test in Financial Sanctions Regulations.
The Office of Financial Sanctions Implementation #OFSI updated its financial sanctions enforcement and monetary penalties guidance.
The Office of Financial Sanctions Implementation #OFSI and partners have published enforcement findings on the abuse of cryptoassets to evade sanctions.
OFSI’s £160,000 fine is a warning shot for UK banks, signalling a tougher, more forensic approach to sanctions screening, governance and control effectiveness. wix.to/lAoz2E1
#Sanctions #AML #Compliance #RiskManagement #FinancialServices #OFSI #Regulation
📣 Significant enforcement action by #OFSI against Bank of Scotland Plc for breaches of Russia sanctions relating to 24 transactions between 8-24 February 2023. The £160k fine followed a 50% reduction due to the “prompt and voluntary disclosure” by Lloyds on behalf its subsidiary:
The UK’s trade and financial sanctions regimes are finally converging as OTSI steps into the spotlight with its first public case study.
#TradeSanctions #FinancialSanctions #LegalFramework #OTSI #OFSI #UKCompliance #Enforcement
👍 After #OFSI’s early struggle to keep up with the rapid rollout of sanctions following Russia’s full-scale invasion of Ukraine, it’s clear that #OFSI is now starting to find its feet as a more credible & proactive enforcer of sanctions. But much more needs to be done to deliver results:
👊 #OFSI is becoming less reliant on self-reports of breaches – an encouraging indication of its more proactive approach to enforcement, with 151 of its 240 live investigations by April 2025 coming from other sources – up from 108 in 2023/24.
📎 The scaling up of #anti-corruption sanctions has gone hand-in-hand with a 169% increase in the number of licences granted by #OFSI for deviations from these restrictions – rising from 16 to 43 over the last year.
The Office of Financial Sanctions Implementation #OFSI reissued its annual Frozen Asset Reporting Notice for 2025.
The Office of Financial Sanctions Implementation #OFSI added 3 questions to their Financial Sanctions FAQs.
The updates aim to clarify General License #GL INT/2025/6641960 relating to brokerage accounts.
⏱️ No doubt #OFSI has had its hands full as UK #sanctions have ramped up following Russia’s full-scale invasion of #Ukraine, but investigations need to be progressed faster in future so lessons can be learned sooner and fines can deter violations more effectively.
🤔 But the timeline is puzzling – the February 2018 breach was disclosed to #OFSI in October 2018 following an internal review at Markom. Yet #OFSI only started investigating in June 2021, and it’s taken 4 years to issue the fine… Why did this take so long?
💷 A significant £300k fine handed out by #OFSI against Markom Management Limited for the UK-registered financial services firm's involvement in transferring 🇷🇺 RUB 33 million from a company’s Gazprombank bank account to a person sanctioned in response to Russia’s annexation of Crimea 🇺🇦:
The Office of Financial Sanctions Implementation #OFSI published its latest sector threat assessment on Cryptoassets. hubs.li/Q03z1DMB0
❗️ While noting the “drastic” effect of sanctions on individuals, the court accepted that “sanctions often have to be severe and open-ended if they are to be effective”. Their “core needs” can be met through the #OFSI licensing regime even if “luxury lifestyle and expensive education” are disrupted.
🔍 HM Treasury's OFSI has published a Cryptoassets Threat Assessment guide.
Read more: www.linkedin.com/posts/britis...
#CryptoCompliance #FinancialSanctions #OFSI #BlockchainSecurity
The Office of Financial Sanctions Implementation #OFSI released an updated threat assessment for Art Market Participants #AMPs and High-Value Dealers #HVDs.
The Office for Financial Sanctions Implementation #OFSI released a video series on key aspects of financial sanctions and reporting.
UK letting agents: New sanctions screening rules start today.
Screen landlords, tenants, beneficial owners vs. UK Sanctions List.
Report positive matches to OFSI immediately.
tinyurl.com/4hzhxp74
#UKLettingAgents #PropertyCompliance #SanctionsScreening #OFSI #UKPropertyLaw
The Office for Financial Sanctions Implementation #OFSI released a threat assessment for property and related services.
The Office for Financial Sanctions Implementation #OFSI published a legal services threat assessment.
The assessment provides information on suspected sanctions breaches and aims to assist stakeholders in their risk-based approach to compliance.
The Office for Financial Sanctions Implementation #OFSI published key lessons for industry following the announcement of a £465,000 fine for HSF Moscow.
#UK freezes #Russian assets worth almost $32 billion – #OFSI annual report
On 21 March, the Office of Financial Sanctions Implementation (#OFSI) published its annual report covering #OFSI's activities in the 2023-24 financial year.
It notes that as of March 2024, the #UK government has included
🔥 LATEST NEWS🔥 Penalty issued against a subsidiary of a major #UK #law firm for breaches of #sanctions linked to # #Russia's invasion of #Ukraine. #OFSI has imposed a monetary penalty against Herbert Smith Freehills CIS LLP ("HSF Moscow") - go.fiu.je/zhy
The Office for Financial Sanctions Implementation #OFSI amended their guidance on high-value dealers #HVDs and art market participants #AMPs.
In an evolving world of sanctions why not sign up for a free webinar from SRA on Sanctions looking at the recent updated guidance from OFSI - Find out more from our newsletter
zcm1-zcmp.campaign-view.eu/ua/SharedVie...
#sanctions #ofsi #otsi #guidance #trade #finances #risk #kyc #kyb #reporting
A valuable document from OFSI revealing that 65% of reported UK sanctions breaches involve Russian designated persons and their increasing use of enablers to evade restrictions. Read the full report on our website: lnkd.in/esp9xxVg
#sanctions #OFSI #report
