In the UK, individuals and legal entities have a general obligation to report to the Office of Financial Sanctions Implementation (OFSI) any information that would “facilitate compliance” with the regulations, such as identifying information about a designated person or information about a sanctions offense.

Specific reporting obligations apply to “relevant firms” and individuals working for them. These obligations require such persons or entities to report to OFSI if they have knowledge or reasonable cause to suspect that a person is designated or has committed an offense under the regulations, so long as they attained the knowledge or suspicion in the course of carrying on their business.  Failure to comply with these obligations without reasonable excuse is an offense.

  • Relevant firms” include:  (1) persons with permission to carry out regulated activities; (2) businesses that transmit money by any means, operate a currency exchange office, or cash checks payable to customers; (3) a firm or sole practitioner that is a statutory auditor or local auditor; (4) a firm or sole practitioner that provides by way of business accountancy services, legal or notarial services, advice about tax affairs or certain trust or company services; (5) a firm or sole practitioner that carries out, or whose employees carry out, estate agency work; (6) the holder of a casino operating license; or (7) a person engaged in the business of making, supplying, selling or exchanging articles made from gold, silver, platinum, palladium or precious stones or pearls.

Additional reporting may be required to applicable regulators, such as to the FCA for regulated firms, or to the National Crime Agency pursuant to the Proceeds of Crime Act 2002 (POCA).  For more on POCA, see here.  Specific reporting obligations may also arise under Section 19 of the Terrorism Act 2000, as well as under the statutory scheme relevant to a particular sanctions regime.

 

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