Context
On 1st May 2024 the Office of Financial Sanctions Implementation (OFSI) introduced Frequently Asked Questions (FAQs), a new form of additional guidance aimed at providing technical support to industry partners and the public.
Key points to note and next actions
- The FAQs are designed to offer easily accessible responses to commonplace compliance questions. Whether you’re navigating sanctions related to specific countries or industries, or operating in high-risk jurisdictions, the FAQs seek to provide the extra support you need.
- FAQs should always be viewed alongside existing OFSI guidance and legislation, which take precedence. For specific cases, OFSI also advises you to seek independent legal advice.
- Two example ‘featured FAQs’ relate to whether UK entities’ subsidiaries located outside of the UK are expected to comply with UK sanctions, and how fees and expenses caps apply.