• Deborah

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.


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