18 March 2025
As many will be aware, a new reporting requirement for Insolvency Practitioners in the sanctions reporting regime will be effective from from 14 May 2025.
The Office of Financial Sanctions Implementation (OFSI) recently held an online Q&A session for Insolvency Practitioners to cover how to prepare for the requirement and following the online session OFSI have updated their online FAQs. The relevant questions are numbers 132-144 and can be found here.
OFSI has recently released additional information and guidance for High Value Dealers (HVDs) and Art Market Participants (AMPs) to support them in navigating UK financial sanctions and new reporting requirements. This includes the following:
Online webinar providing an overview of sanctions guidance for the sector
Factsheet summarising key points of OFSI’s guidance
FAQs 132 to 144, in response to questions from industry (as above)
Minor amendment to section 2.1 of OFSI’s HVD and AMP guidance, providing additional clarification