OFSI Updates Guidance on Monetary Penalties for Breaches of Sanctions

23 February 2023

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OFSI Updates Guidance on Monetary Penalties for Breaches of Sanctions

The Office of Financial Sanctions Implementation (OFSI) has updated its guidance on enforcement and monetary penalties for breaches of financial sanctions.

The changes provide guidance on:

Ownership and control assessments;
Due diligence considerations and expectations;
Assessing formal and de-facto ownership.

Firms should read the updated OFSI guidance and identify their sanctions compliance obligations.

Read the full guidance

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