Reporting to Office of Financial Sanctions Implementation
The ongoing war in Ukraine has made knowledge of sanctions an everyday reality for many businesses. The UK financial sanctions legislation sets out specific reporting obligations which requires certain individuals and entities (‘relevant firms’) to report to the Office for Financial Sanction Implementation.
Any business that knows or has reasonable cause to suspect that an individual, entity or ship is a designated person has a legal obligation to report to the OFSI. Relevant firms are legally required to report to OFSI. Failure to report is an offence under sanctions regulations.
So what is a relevant firm? Examples can include businesses that hold assets for the designated entity r person or any business that has reasonable cause to suspect that a person has committed an offence under financial sanctions regulations.
A person who has permission under Part 4A of the Financial Services and Markets Act 2000.
Accountancy service providers.
Auditors.
Businesses that transmit money (or any representation of monetary value) by any means.
Businesses that cash cheques that are made payable to customers.
Casinos.
Company and trust service providers.
Cryptoasset exchanges.
Currency exchange offices.
Custodian wallet providers.
Estate agents.
Legal service providers.
Notarial service providers.
Tax advisers.
Traders of precious metals or stones.
Business need to be aware of any activity that may be conducted on the behalf of or in connection with a sanctioned individual, entity or ship. Business needs to report any activity (own or another’s) in which funds or economic resources available, held or owned to a designated person, whether intentionally participating or providing false information in activities knowing their object or effect is to circumvent financial sanctions, or to enable or facilitate the contravention of financial sanctions.
Is your business affected and do you have the necessary measures in place to report activity to not be breaking the law - https://www.anyaccount.org/schedule-a-call
