This document contains frequently asked questions on financial sanctions, such as who must comply with financial sanctions in the UK.
As well as providing definitions, this document answers the questions below:
- Who must comply with financial sanctions in place in the UK?
- Can HM Treasury request information from any person in or resident in the UK to facilitate compliance with financial sanctions legislation?
- Is it an offence to make funds available to a target of financial sanctions legislation?
- What are the penalties for committing an offence under financial sanctions legislation?
- Are United Nations Security Council Resolutions and European Union Regulations directly applicable in UK law?
- What is the difference between a name match and a target match?
- What are the reporting requirements for name or target matches?
- How often do I need to scan my customer database for possible target matches?
- Should an institution always contact HM Treasury if we have found a name match or a possible target match?
- How often is the Treasury’s consolidated list of targets updated?
- In what formats does the Treasury provide a consolidated list of targets?
- Does the European Union maintain its own consolidated list of targets?
- Is the Treasury consolidated list of targets the same as that published by the European Union and the United States Treasury’s Office of Foreign Assets Control (OFAC)?
- Does the Treasury have a web-based consolidated list search engine?
- What is a licence?
- How do I apply for a licence?