In January 2026, OFSI published the details of an £160,000 monetary penalty imposed on Bank of Scotland Plc, a subsidiary of the Lloyds Banking Group, for breaching the Russia financial sanctions regime. The lessons in this case go beyond one …
OFSI has launched a call for evidence to seek industry’s views on how UK financial sanctions regulations on ownership and control are applied in practice, including how firms implement the regulations and where they face challenges. The ownership and control …
Today, 29 January 2026, we are publishing OFSI’s public consultation response on proposed changes to our enforcement processes. Under our revised framework, these changes will support compliance, give firms greater certainty and ensure our approach to enforcing financial sanctions is …
Sanctions enablers are increasingly turning to cryptoassets to move and hide illicit funds, including those linked to sanctions evasion. But every transaction leaves a trace. By working together, UK agencies are following those traces to identify, investigate and disrupt criminal …
Today, on 17 July, OFSI has launched new online forms for submitting licence applications, reporting suspected breaches, and other key reporting such as frozen assets. This is a significant step forward in our drive to modernise and streamline our services, …
On 11 April 2025, OFSI imposed a monetary penalty of £5,000 on the UK-registered company Svarog Shipping & Trading Company Limited (“Svarog”). This penalty relates to an information offence and is the first of its kind to be issued by …
On 20 March 2025, OFSI announced a monetary penalty of £465,000 against Herbert Smith Freehills CIS LLP (“HSF Moscow”) for breaches of UK financial sanctions on Russia, linked to its illegal invasion of Ukraine. The penalty relates to six payments …
In October 2024, representatives from the United Kingdom’s (UK) Office of Financial Sanctions Implementation (OFSI) and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) convened in Washington, DC at our annual technical exchange, marking the second …
On 14 November 2024, the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 was laid in Parliament. This instrument introduces the following changes to sanctions legislation: Taken together, these changes will collectively improve the ability of HM Treasury’s Office of …
Ongoing technical issues with global IT systems, as reported in the media, may be impacting upon firms’ ability to fulfil their reporting obligations to OFSI, or meet other deadlines to supply us with information. For any reporting which misses the …