OFSI Guidance to Financial Sanctions Compliance

The overview includes six key tips to stay compliant:

• Undertake thorough Know Your Customer KYC and Due Diligence Measures;
• Implement Robust Compliance Policies and Procedures;
• Invest in Technology and Screening Tools;
• Conduct Ongoing Training and Awareness Programs;
• Maintain Vigilance and Stay Informed; and
• Foster Collaboration and Information Sharing.

Maritime businesses, including shipping companies, port operators, and insurers, alongside financial institutions, should view the information and take any appropriate action to ensure compliance with any sanctions requirements.