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 institutions” and “relevant businesses or professions.” 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 is an offense.
- “Relevant institutions” include: (1) persons permitted to carry on regulated activities under part 4a of the Financial Services and Markets Act 2000 (FSMA 2000); (2) EEA credit institutions that are authorized by their home state regulators and that have permission under FSMA 2000; and (3) businesses that transmit money in any way, operate a currency exchange office, or cash checks payable to customers.
- “Relevant business or profession” includes an: (1) auditor; (2) casino; (3) dealer in precious metals or stones; (4) estate agent; (5) external accountant; (6) independent legal professional; (7) tax advisor; and (8) a trust or company service provider.1
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 the Proceeds of Crime Act 2002 Overview topic in the Anti-Laundering - UK section. 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.
1 See European Union Financial Sanctions (Amendment of Information Provisions) Regulations 2017, available here (inserting definitions into schedules).