Office of Financial Sanctions Implementation reporting requirement

IPA Insolvency Practitioner newsletter AML Digest, April 2025

Members are reminded that the existing UK sanctions regulations have been amended via the Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2024. Most of the amendments came into force on 5 December 2024 and the remainder, listed in Regulation 1(2), will come into force on 14 May 2025.

From 14 May 2025, these amendments will add IPs to the list of “relevant firms” which have obligations to report to the Office of Financial Sanctions Implementation (OFSI). The regulations will widen the reporting requirements on IPs.

Further details were provided in the January IPA newsletter, and a link can be found here.