On November 10, 2022, the UK Office of Financial Sanctions Implementation of HM Treasury reissued General License INT/2022/1919908, extending the validity of the license until November 10, 2023. GL INT/2022/1919908 is issued pursuant to Regulation 64 of the Russia (Sanctions)(EU Exit) Regulations 2019 (“the Russia Regulations”). It allows an individual who has not been designed under Regulation 5 of the Russia Regulations to receive payments via a designated credit or financial institution, or make payments up to £50,000 (total), provided that the payments made or received are intended for the personal use of that individual. The general license permits institutions to process the payments, so long as they do not exceed £50,000 during the license period. Institutions must report the transactions to the Treasury within 14 days of processing.
November 12, 2022
OFSI reissues general license covering retail banking services of designated institutions
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