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Monetary penalty for breach of financial sanctions guidance update comes into force

Apr 8, 2021 | OFSI

Link(s): https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/975593/MP_guidance_April_2021.pdf

Context

The Office of Financial Sanctions Implementation’s (OFSI) updated version of its monetary penalty guidance came into force on 1st April 2021.

Key points to note

  • Any breaches reported to OFSI on or after 1st April will be assessed using the new guidance.
  • This is the first update to the monetary penalty guidance since May 2018.

Next actions

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