Financial sanctions enforcement and monetary penalties guidance
Guidance for UK financial sanctions in relation to enforcement and monetary penalties
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Guidance for UK financial sanctions in relation to enforcement and monetary penalties covering:
- OFSI’s compliance and enforcement approach
- Case assessment
- The monetary penalty process
- Procedure for imposing a monetary penalty
- The right of review
- Right of appeal
- Paying a monetary penalty
- Publication of monetary penalty and breach details
- Publication of breaches where no monetary penalty is imposed
Last updated 16 May 2024 + show all updates
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Guidance amended to include reference for inclusion of monetary penalties for financial sanctions breaches requirements in 56C of The Republic of Belarus Regulations.
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This update communicates that OFSI will now always apply the most recent iteration of its Enforcement guidance to cases. Chapter 3 of the guidance, which covers case assessment, gives details on the change. Other updates are also primarily to Chapter 3. The guidance now better explains how we apply and split the ‘case factors’ that OFSI uses to assess suspected breaches of financial sanctions. It introduces two new distinct case factors, “Knowledge, intention and reasonable cause to suspect” and “Cooperation” that were previously included more generally in the guidance. Chapter 6 also includes a small edit to the delegation of ministerial reviews of monetary penalties.
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First published.