March 10, 2021

OFSI updates guidance on sanctions penalties

The UK Office of Financial Sanctions Implementation has issued new guidance on the monetary penalties that may be imposed on persons who are found to have breached financial sanctions.  The guidance, issued pursuant to the Policing and Crime Act 2017, explains OFSI’s approach to compliance and enforcement, outlines the policies and procedures that determine the level of penalty, and provides an explanation of OFSI’s powers as well the rights of respondents to review and appeal.  

The new guidance will take effect on April 1, 2021.

Monetary Penalties Guidance