---
title: OFSI Publishes Financial Sector Threat Assessment Report
description: The Office for Financial Sanctions Implementation (OFSI) released a financial sector threat assessment report.
---

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# [OFSI Publishes Financial Sector Threat Assessment Report](https://www.plenitudeconsulting.com/news-insights/ofsi-publishes-financial-sector-threat-assessment-report)

 Written by [Insight & Partnership Team](https://www.plenitudeconsulting.com/news-insights/author/insight-partnership-team) | Feb 14, 2025 4:27:27 PM

 

The report aims to provide information on suspected sanctions breaches and assist stakeholders in taking a risk-based approach to compliance.

Key takeaways from the report include:

➡️ It’s likely that some UK financial services firms haven’t disclosed all suspected breaches to OFSI;

➡️ Most instances of non-compliance are due to poor maintenance of frozen assets, breaches of OFSI license conditions, inaccurate ownership assessments, and inaccurate UK nexus assessments;

➡️ Russian designated persons (DPs) are increasingly using enablers to breach UK financial sanctions;

➡️ Most enabler activity relates to maintaining Russian DP lifestyles and assets, with it highly likely that payments are made through non-banking payments service providers (NBPSPs);

➡️ Some enablers claim ownership of frozen assets in an attempt to front for DPs; and

➡️ Enablers use other payment methods such as crypto-assets to breach UK financial sanctions.

✅ Firms should review their sanctions controls and screening systems to ensure they are not facilitating the breach of UK financial sanctions through the circumstances outlined in the report.

[View full post](https://www.plenitudeconsulting.com/news-insights/ofsi-publishes-financial-sector-threat-assessment-report)

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