OFSI updates on reporting

OFSI has updated its guidance on reporting to it. There is a legal obligation to report to OFSI:

  • known or suspected breaches of financial sanctions;
  • knowing or suspecting that a person is a designated person; or
  • knowing or suspecting that an entity holds frozen assets

where that knowledge or suspicion arises in the course of business. OFSI’s Compliance Reporting Form gives guidance on what firms should report and how.