OFSI UK Sanctions Compliance
United Kingdom
2016
AML/CFT
Overview
The Office of Financial Sanctions Implementation (OFSI), under HM Treasury, is responsible for ensuring that the UK's financial sanctions are effectively implemented across the economy. These sanctions are imposed under the Sanctions and Anti-Money Laundering Act 2018 (SAMLA) and apply to individuals, businesses, and organizations operating in or with the United Kingdom's financial system.OFSI maintains the UK Sanctions List, which designates individuals and entities subject to asset freezes and other financial restrictions. Banks, fintechs, insurers, crypto firms, and legal or accounting firms must screen transactions and customers against this list and report any matches or breaches. Compliance is mandatory and subject to enforcement action, including substantial civil or criminal penalties.
Key Obligations
- Screen customers and transactions against the UK Sanctions List
- Freeze assets of designated individuals/entities
- Report any breaches or matches to OFSI promptly
- Maintain internal controls and compliance policies
- Conduct regular staff training on sanctions obligations
- Keep records of all screening and compliance actions
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