top of page
  • Writer's pictureDeborah

On August 30, the UK Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, issued an updated version of its General Guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018 (the “Guidance”) requiring crypto exchanges and custodian wallet providers operating in the country to report a suspected breach of financial sanctions to authorities as soon as practicable and by filling out the prescribed form available on GOV.UK.


Examples of information to be reported include information about:

  • A known or suspected designated person.

  • Offences (e.g. making funds or economic resources available to a designated person, dealing with frozen funds or economic resources, credits to frozen accounts..)

As outlined in the Guidance, UK financial sanctions apply to all persons [individuals and legal entities] within the territory and territorial sea of the UK and to all UK persons [individuals and legal entities], wherever they are in the world.

Breaches of financial sanctions may result in penalties including monetary penalties which maximum may range from 50% of the total breach to up to £1m – whichever is the greater value.


Recent Posts

See All

Product Corner - VAs : Quèsaco

Virtual Assets (VAs) or crypto assets refer to : “any digital representation of value that can be digitally traded, transferred or used for payment. It does not include digital representation of fiat

Upcoming Regulatory Deadlines to Watch

10 Aug 2023 - Deadline to submit comments to FCA Guidance Consultation (GC23/1) on crypto asset financial promotions. 5 Sep 2023 - Effective date of SEC Cybersecurity Risk Management, Strategy, Govern

Comments


bottom of page