Insolvency Practitioners Association (IPA)’s Post

On 2 May 2024, the UK’s OFSI re-issued its financial sanctions and monetary penalties guidance, following up on changes announced in its 13 February 2024 blog post. OFSI aims to provide “high-quality and easy to understand” guidance for effective financial sanctions implementation. Read the full article here: https://lnkd.in/ecHdc-Y6 This article was authored by Zia Ullah, Victoria Turner, Kimberly Jones, Robyn Brown, and Adina Khan. #FinancialCrime #Sanctions

On 2 May 2024, the UK’s OFSI re-issued its financial sanctions and monetary penalties guidance, following up on changes announced in its 13 February 2024 blog post. OFSI aims to provide “high-quality and easy to understand” guidance for effective financial sanctions implementation. Read the full article here: https://lnkd.in/ecHdc-Y6 This article was authored by Zia Ullah, Victoria Turner, Kimberly Jones, Robyn Brown, and Adina Khan. #FinancialCrime #Sanctions

See below for our commentary on the recent updates to the OFSI #sanctions enforcement and monetary penalties guidance Businesses operating in the UK or engaging in activity with a nexus to the UK should ensure that these changes to the Guidance are considered and understood. Compliance teams will need to be aware of the nuances in the amendments listed above, particularly in relation to the amendments to the Case Factors. #enforcement #financialcrime Zia Ullah Kimberly Jones Robyn Brown Adina Khan Emma Middleton Charlotte Duranté Matilde Hernandez Monika Zejden-Erdmann

On 2 May 2024, the UK’s OFSI re-issued its financial sanctions and monetary penalties guidance, following up on changes announced in its 13 February 2024 blog post. OFSI aims to provide “high-quality and easy to understand” guidance for effective financial sanctions implementation. Read the full article here: https://lnkd.in/ecHdc-Y6 This article was authored by Zia Ullah, Victoria Turner, Kimberly Jones, Robyn Brown, and Adina Khan. #FinancialCrime #Sanctions

On 2 May 2024, the UK’s OFSI re-issued its financial sanctions and monetary penalties guidance, following up on changes announced in its 13 February 2024 blog post. OFSI aims to provide “high-quality and easy to understand” guidance for effective financial sanctions implementation. Read the full article here: https://lnkd.in/ecHdc-Y6 This article was authored by Zia Ullah, Victoria Turner, Kimberly Jones, Robyn Brown, and Adina Khan. #FinancialCrime #Sanctions

FIC publishes finalised guidance on Targeted Financial Sanctions obligations for accountable institutions. The Financial Intelligence Centre (FIC) has published the finalised guidance on the measures accountable institutions must take to comply with their targeted financial sanctions (TFS) obligations. Read the full article to get insight on the new guidance on financial sanctions compliance: https://buff.ly/3wLyfEi Downable PCC 44A found in the article. #accountableinstitutions #FinancialIntelligenceCentre #FinancialIntelligenceCentreAct #PCC44A #PublicComplianceCommunication44A #targetedfinancialsanctions #UnitedNationsSecurityCouncil #moonstoneupdate #moonstoneinfo #industryupdate

FIC publishes finalised guidance on Targeted Financial Sanctions obligations for accountable institutions. The Financial Intelligence Centre (FIC) has published the finalised guidance on the measures accountable institutions must take to comply with their targeted financial sanctions (TFS) obligations. Read the full article to get insight on the new guidance on financial sanctions compliance: https://buff.ly/3TkUmKB Downable PCC 44A found in the article. #accountableinstitutions #FinancialIntelligenceCentre #FinancialIntelligenceCentreAct #PCC44A #PublicComplianceCommunication44A #targetedfinancialsanctions #UnitedNationsSecurityCouncil #moonstoneupdate #moonstoneinfo #industryupdate

The Office of Financial Sanctions Implementation (OFSI) updated its Enforcement and Monetary Penalties Guidance. Amendments have been made to the following areas:  ➡️ Case assessment: OFSI will always apply the most reiteration of its Enforcement guidance to cases, with guidance on assessments provided in Chapter 3;  ➡️ Case factors: Information is provided on how OFSI applies and splits the case factors used by the authority to assess suspected breaches of financial sanctions, including the new distinction of “Knowledge, intention and reasonable cause to suspect” and “Cooperation”; and  ➡️ Ministerial reviews: Minor edits have been made to information on the delegation of ministerial reviews of money penalties in Chapter 6. Firms should review the latest Guidance to ensure continued financial sanctions compliance. 🔗 Learn more: https://lnkd.in/ewqGdz56

Geopolitical tensions continue to intensify, and financial sanctions have taken centre stage. Our CEO Tom Scampion's recent article in Thomson Reuters Regulatory Intelligence explores the critical topic of how can banks ensure compliance with increasingly complex sanctions regulations, while minimizing friction for their customers. Click the link below to read the full article.  https://lnkd.in/gupW6h9z   #sanctions #transactionscreening #industrycollaboration

Recent Updates from Treasury’s Office of Foreign Assets Control: Staying updated with regulatory changes is key in the financial sector. The latest news from the Treasury’s Office of Foreign Assets Control highlights critical updates that compliance officers need to be aware of. These changes can significantly impact how financial institutions manage sanctions and compliance. Check out the full article to stay informed and ensure your practices align with the latest regulations: https://lnkd.in/g_FGZUQC